Innovation that improves machinery, power sources and other capital equipment will increase the demand for labor in the short run
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose that a firm operating in perfectly competitive market sells 200 units of output at a price of $3 each. Which of the following statements is correct? (i) Marginal revenue equals $3. (ii) Average revenue equals $600. (iii) Average revenue exceeds marginal revenue, but we don't know by how much
a. (i) only b. (iii) only c. (i) and (ii) only d. (i), (ii), and (iii)
Which of the following is true?
A. Each Nash equilibrium is a perfect equilibrium. B. In a one-shot game, a collusive strategy always represents a Nash equilibrium. C. Every perfect equilibrium is a Nash equilibrium. D. A perfect equilibrium occurs when each player is doing the best he can regardless of what the other player is doing.
Which of the following is NOT a characteristic of a monopoly?
A. A monopolist faces a downward-sloping demand curve. B. There are no close substitutes for a monopolist's product. C. After the first unit, the monopolist's marginal revenue is always less than its price. D. A monopolist is a price taker.
In the market for euros, the demand for euros (€) is
A) downward sloping, because at lower dollar prices for the euro, U.S. residents will buy more European goods and services. B) upward sloping, because at higher dollar prices for the euro, U.S. residents will buy more European goods and services. C) upward sloping, because at higher dollar prices for the euro, Europeans will buy more U.S. goods and services. D) horizontal, because dollar prices of euros and euro prices of dollars are directly related.