Providing a constant number of workers with additional capital with which to work will ________ labor productivity at a(n) ________ rate.
A. increase; increasing
B. decrease; decreasing
C. increase; decreasing
D. increase; constant
Answer: C
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An economy's production function is Y = A , and the economy's total output in equilibrium is $90 billion. Total capital income in this economy is ________
A) $27 billion B) $30 billion C) $21 billion D) $70 billion E) none of the above
An example of a cooperative game would be
A) oligopoly. B) monopolistic competition. C) a cartel. D) perfect competition.
Pricing and output determination under an oligopoly is more complicated than pricing and output determinations in other industries. The primary reason for the complication is the:
a. fewness of firms. b. brand loyalty of consumers. c. powerful effect of advertising. d. variability of concentration ratios. e. mutual interdependence of firms.
Figure 8.8 shows demand, marginal revenue, and costs of an individual duopolist. If the two duopolists have the same costs and split the market equally, each profit-maximizing duopolist will produce and sell a quantity of ________.
A. 1,000 units B. 500 units C. 250 units D. 125 units