Which of the following do economists consider to be capital?
A. a pair of stockings
B. a share of IBM stock
C. a construction crane
D. a savings account
Answer: C
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For the monopolistic competitor, which of the following is INCORRECT?
A) Because the firm is not a perfect competitor, its demand curve slopes downward. B) The marginal revenue curve is downward sloping and lies below the demand curve. C) The profit-maximizing rate of output arises at the point at which the marginal cost curve intersects the marginal revenue curve. D) If the firm in a monopolistically competitive industry were making economic losses, new firms will enter the industry.
First-mover advantage is a characteristic of
a. A simultaneous-move game b. A dominant strategy c. A sequential-move game d. All of the above
Consumer surplus is the area located on the demand and supply graph ________ the equilibrium price point
a. below b. at the same point as c. above d. it is not found on the demand and supply graph
Suppose a U.S.-made machine costs $500 and the exchange rate is 100 yen = $1 . A Japanese firm purchasing this machine would pay
a. 100 yen b. 500 yen c. 5,000 yen d. 10,000 yen e. 50,000 yen