Oligopolies feature
a. the absence of barriers to entry
b. extensive competition
c. the goal of profit maximization
d. strategic interaction of firms
e. product differentiation
D
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Assume the graph shown represents Dawn's budget constraint. If Dawn's income to spend on these two items increased and Dawn spends all her income on these two goods, then Dawn's total utility from consuming these two goods:
A. will likely go up, since she can afford more of both goods now.
B. will likely go down, since her marginal utility of additional items decreases the more she consumes.
C. will likely go down, since she is probably sick of these two things already.
D. will likely go up, since her marginal utility of additional items increases the more she consumes.
Using a commitment strategy in:
A. a simultaneous game can alter payoffs, but has no effect in sequential games. B. a simultaneous game has no effect, but can alter the payoffs and outcome of sequential games. C. either a simultaneous or sequential game has little impact on payoffs or outcome. D. either a simultaneous or sequential game can greatly alter the payoffs and outcome of the game.
Education increases the stock of which factor of production?
A. physical capital B. entrepreneurship C. land D. human capital
Answer the following questions true (T) or false (F)
1. A higher bond price indicates a lower cost of new external funds. 2. Mutual funds are a good and relatively inexpensive way for individual investors to diversify. 3. Accounting profit is the sum of a firm's revenue and its opportunity costs.