Refer to the diagram where the numerical data show profits in millions of dollars. Beta's profits are shown in the northeast corner and Alpha's profits in the southwest corner of each cell. If Alpha and Beta engage in collusion, the outcome of the game will be at cell:
A. A.
B. B.
C. C.
D. D.
A. A.
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A negative externality exists when
A. marginal social costs are less than marginal private costs. B. marginal social costs are greater than marginal private costs. C. marginal social benefits are less than marginal private benefits. D. marginal social benefits are greater than marginal private benefits. E. b and c
_____ is an online venue where businesses and individuals can hedge their uncertainty about whether legislation that affects them will be enacted
a. The American Civics Exchange b. Tradesports c. The Iowa Electronic Markets d. The Gallup and Roper surveys
For what type of good do the substitution and income effects work in opposite directions?
A. Normal goods B. Inferior goods C. Giffen goods D. The substitution and income effects never work in opposite directions.
The economic system that answers the What, How and For Whom questions using prices determined by the interaction of supply and demand is a:
A. market economy. B. command economy C. soviet economy. D. traditional economy.