The concept of Nash equilibrium states that
A) no firm can improve their outcome holding the other firm's actions constant.
B) all firms are earning the highest possible profit.
C) firms make alternating output decisions.
D) None of the above
A
You might also like to view...
The above figure shows the marginal benefit to a firm of polluting in the local river while producing its output, and the marginal cost to the firm's neighbor. The marginal cost of production is zero for the firm
If there is just one neighbor who owns the river, how much pollution is likely to occur? A) 0 units B) 500 units C) 1000 units D) more than 1000 units.
In order for the law of diminishing returns to be present, we must have:
a. at least one factor of production to be fixed. b. output decreasing as more laborers are hired. c. the price of labor increasing as more workers are hired. d. simultaneous changes in labor and capital. e. double the output when labor input is doubled.
The effort to collect and manage revenue from taxes is called:
A. an externality. B. deadweight loss. C. administrative burden. D. transfer of surplus.
The adjustments made recently by the BLS to mitigate the overstatement of the cost-of-living by the CPI
A. completely eliminated the problem. B. reduced the estimated overstatement from 1.1% to .8%. C. had no impact on the problem. D. over compensated for the problem.