A payoff matrix shows:
A. the demand curve facing a firm when there are only two firms.
B. the payoff to being a perfectly competitive firm.
C. the payoffs for each possible combination of strategies.
D. the payoff to being a monopolist.
Answer: C
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Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
Suppose Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Quick Buck cheats by reducing its price to $1 while Pushy Sales continues to comply with the collusive agreement, then Quick Buck's economic profit will be ________.
A. $3,000 B. $6,000 C. $4,000 D. $2,000
The recovery from the low point of the Great Depression lasted for ____ months.
A. 12 B. 25 C. 50 D. 90
To determine an appropriate congestion tax, an economist has to assume that people respond to incentives
Indicate whether the statement is true or false
The fact that wage differentials continue to exist across different groups of workers leads economists to believe that
a. discrimination by customers is the most common type of economic discrimination. b. differences in human capital and job characteristics must be important in explaining the differences in wages. c. firms apparently are not profit maximizers. d. the market has failed to properly allocate wages to different workers.