Under the Bertrand Model of oligopoly
a. output will be greater than under monopoly but less than competitive output.
b. output will be less than under monopoly but greater than competitive output.
c. output will be equal to competitive output.
d. output will be equal to monopoly output.
c. output will be equal to competitive output.
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If a used car dealer purchases a used car for $3,000, makes repairs and refurbishes it, then sells it for $8,000, the
a. dealer contributes value added equal to $5,000, but nothing is added to GDP. b. dealer contributes value added equal to $5,000, and consequently $5,000 is added to GDP. c. dealer contributes nothing to production because only existing goods are involved. d. dealer contributes value added equal to $8,000, but only $5,000 is added to GDP.
The economic return to oil resources is called:
a. Rent. b. Wages. c. Profits. d. Interest. e. None of the above.
When an infinite value is placed on human life, policymakers who rely on cost-benefit analysis
a. are forced to pursue any project in which a single human life is saved. b. are likely to make decisions that optimally allocate society's scarce resources. c. would not pursue any public project that would not save human life. d. would be forced to rely on private markets to provide public goods.
Which of the following might be an example of an economic argument against advertising?
a. It causes the demand for the good to be more elastic b. It allows the producer to earn an economic profit in the long run c. People may be deluded into thinking that a good with a brand name is better than an otherwise identical generic brand d. The claims made in the ads are almost always false