In a simultaneous equations model, if any variable is determined outside of the model, then it is considered a(n):?
A. ?endogenous variable.
B. ?random variable.
C. ?exogenous variable.
D. ?error variable.
Answer: C
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Which of the following is an example of a product that is nonexcludable and nonrival?
A) a motorcycle B) the court system C) Western lowland gorillas D) a NASCAR event
Production efficiency implies that
A) joint profits are maximized. B) joint profits are minimized. C) joint profits are zero. D) joint profits can be increased.
In the 1990s, many people had rising incomes. At the same time, there was a rise in the cost of lumber. This would cause the demand for houses to _________ and the supply for houses to_________
a. Increase, increase b. Increase, decrease c. Decrease, increase d. Decrease, decrease
What quantity of output and price do they try to set, when a group of oligopoly firms form a cartel? Will there be any changes in the price and quantity supplied if the cartel gets broken down?
What will be an ideal response?