If in a given market of more than one producer, there were to exist for a long interval of time a positive gap between price and average cost (P > AC), this would suggest that
a. there are many sellers in the industry.
b. there exists an oligopoly or cartel in the industry.
c. this is a contestable market.
d. the firm cannot be a monopolistic competitor.
b
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The above figure shows the payoff to two airlines, A and B, of serving a particular route. If the two airlines must decide simultaneously, how many pure Nash equilibria are there?
A) 0 B) 1 C) 2 D) It cannot be determined.
When a resource is an open-access resource,
a. each individual in the society owns it b. the group owns it c. no one owns it d. the government owns it e. some nonprofit agency owns it
What is the full definition of dumping? If an importing country suspects dumping, what action can be taken?
What will be an ideal response?
Use an Ace bandage and a rubber tie-down to make an analogy for explaining the price elasticity of demand
Please provide the best answer for the statement.