Which of the following is a condition that helps enforce a cartel agreement?
A. easily observable prices
B. a large number of firms
C. relatively differentiated products
D. large variation in prices
Answer: A
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When one strategy is always the best for a player to choose, regardless of what other players do, it is called:
A. a dominant strategy. B. a Nash equilibrium. C. collusion. D. the prisoner's dilemma.
Which of the following definitely means productivity has increased?
A. Less output from fewer workers. B. Less output from more workers. C. More output from more workers. D. More output from fewer workers.
In the figure above, assuming that the firm does not shut down, it will charge a price of
A) $1. B) $2. C) $3. D) $4.
Pookie's Pinball Palace restores old Pinball machines. Pookie has just spent $300 purchasing and cleaning a 1960s-era machine which he expects to sell for $2,000 once he is finished with the restoration
After having spent $300, Pookie discovers that he will need to rewire the entire machine at a cost of $1,100 in order to finish the restoration. Alternatively, he can sell the machine "as is" now for $1,000. What is his marginal benefit if he sells the machine "as is" now? A) $300 B) $900 C) $1,000 D) The marginal benefit cannot be determined.