We can measure the status of a national economy by looking at:
A. its total expenditures.
B. its median income.
C. We can look at either of these things to get the same measure.
D. Neither of these is used to measure a nation's economic status.
A. its total expenditures.
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Is there a first-mover advantage in the Bertrand duopoly model with homogenous products?
A) Yes, first-movers always hold the advantage over other firms. B) Yes, first-movers may have an advantage, but it depends on the model assumptions. C) No, first-movers cannot choose a profit maximizing quantity because the second-mover can always produce a bit less and earn higher profits. D) No, the second-mover would be able to set a slightly lower price and capture the full market share.
Firms will continue to enter a competitive industry until: a. the supply curve is vertical
b. the market price falls below average variable cost. c. any economic profits have been competed away. d. all resources are fully employed.
The rule of equating marginal benefit with marginal cost is proper for economics, but it does not describe the way in which people make non-economic decisions
a. True b. False Indicate whether the statement is true or false
Which of the following is definitely true if the economy is in macro equilibrium?
A. The price level is optimal, but the output level may not be B. The output level is optimal, but the price level may not be C. The price level and the output level are both optimal D. The price level and the output level may or may not be optimal.