Which market type below is regarded as least competitive in Mainstream Economics?
a) Monopoly.
b) Oligopoly.
c) Monopolistic competition.
d) Perfect competition.
Answer: a) Monopoly.
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Which of the following is a term referring to the percentage of adults in an economy who are either employed or who are unemployed and looking for a job?
a. unemployment rate b. labor force participation rate c. labor force d. hidden unemployment
A corrective tax: a. internalizes an externality
b. legislates what is allowable. c. increases the social costs of externalities. d. increases the deadweight loss caused by an externality.
Refer to Figure 8-10. Suppose the government imposes a tax that reduces the quantity sold in the market after the tax to Q2. The price that sellers receive is
A. P0. B. P2. C. P5. D. P8.
In a Nash equilibrium, each player takes the best possible action given the actions of the other players
Indicate whether the statement is true or false