In the Cournot model the final level of output is ________ the output that would be produced if the industry was a monopoly, and is ________ the output that would be produced if the industry was perfectly competitive.
A. equal to; less than
B. greater than; equal to
C. less than; greater than
D. greater than; less than
Answer: D
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With respect to the health insurance market, what is moral hazard?
A) Moral hazard refers to the actions people take, after they purchase an insurance policy, that make the insurance company worse off. B) Moral Hazard refers to to people who purchase one type of insurance policy when they would have been better off purchasing a different policy. C) Moral Hazard refers to the situation in which a person purchasing an insurance policy takes advantage of knowing more about his health than the insurance company. D) Moral hazard refers to the actions people take before they purchase an insurance policy.
If you have been consuming large quantities of ice cream on a hot summer afternoon and you decide to refrain from any additional consumption, it can be concluded that
A) total utility has reached a minimum and the marginal utility of an additional drink would be large. B) total utility has reached a maximum and the marginal utility of an additional drink would be small. C) total utility has reached a maximum and the marginal utility of an additional drink would be zero. D) total utility has reached a minimum and the marginal utility of an additional drink would be negative.
Refer to the above figure. Demand is
A. perfectly elastic. B. unitary elastic. C. perfectly inelastic. D. undetermined without more information.
The two types of games include
A) fast and slow. B) sequential and simultaneous. C) price and quantity. D) real and nominal.