In a Bertrand model of oligopoly:
A. firms produce differentiated products and set their prices simultaneously.
B. firms produce homogenous products and set their prices simultaneously.
C. firms choose how much to produce simultaneously and the price clears the market given the total quantity produced.
D. firms choose how much to produce and the price to charge simultaneously.
B. firms produce homogenous products and set their prices simultaneously.
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Using the above table, when Jefferson's Cleaners hires three workers
A) the average product of labor is greater than the marginal product. B) the marginal product of labor is greater than the average product. C) it has already experienced diminishing marginal returns. D) Both answers A and C are correct.
A fixed exchange rate policy:
A. imports monetary policy. B. strengthens domestic interest rate policy. C. will likely make domestic inflation more volatile. D. decreases central bank policy accountability and transparency.
If the price elasticity of demand for good A is -4, then a 2% increase in
A. consumer income will result in a 2% decrease in the demand for good A. B. the market price of good A will result in a 8% increase in the quantity demanded of good A. C. consumer income will result in a 2% increase in the demand for good A. D. the market price of good A will result in a 8% decrease in the quantity demanded of good A.
An example of a common resource is
A. college education. B. a public parking lot. C. airline travel. D. a private beach.