When many sellers are involved in selling their products in a market, the market structure may be which of the following? i. perfect competition ii. monopolistic competition iii. monopoly
a. (i) only
b. either (i) or (ii)
c. (ii) only
d. (i), (ii), or (iii)
b
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Refer to the table below. ________ has the comparative advantage in making pizza, and ________ has the comparative advantage in delivering pizza. Pizzas MadePer HourPizzasDeliveredPer HourCorey126Pat1015
A. Pat; Pat B. Corey; Pat C. Pat; Corey D. Corey; Corey
Prices that adjust nearly on a daily basis are
A) heavy prices. B) sticky prices. C) auction prices. D) custom prices.
An incentive is:
A. the marginal cost of engaging in a course of action. B. the marginal benefit of engaging in a course of action. C. something that causes people to behave in a certain way by changing trade-offs they face. D. rational behavior that involves thinking on the margin.
In a sequential game, given Mattie's best response function, what would Irene's best response be?
a. Not enter the market
b. Enter the market
c. Fight
d. Run away