Inefficient use of resources is shown on the production possibilities curve
A) by an inward shifting of the curve.
B) by a point inside the curve.
C) by a point near the top of the curve.
D) by a point outside the curve.
B
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When a Nash equilibrium is reached:
A. the outcome will only change if the "lead" player changes his strategy. B. no one has an incentive to break the equilibrium by changing his strategy. C. it must be true that all players have a dominant strategy. D. None of these statements is true.
The demand for farm goods is income inelastic if the percentage change in quantity demanded is __________ the percentage change in __________
A) greater than; income B) equal to; income C) less than; income D) greater than; revenue E) less than; revenue
If the firms in an oligopolistic industry can establish an effective cartel, the resulting output and price will approximate those of:
A. a purely competitive producer. B. a pure monopoly. C. a monopolistically competitive producer. D. an industry with a low four-firm concentration ratio.
If the price of garlic is represented by equation P = 25 - QD, then the corresponding quantity of garlic demanded is represented by the equation
A) QD = -25 + P. B) QD = P + 25. C) QD = P - 25. D) QD = 25 - P.