If Happy Cleaners and Sparkle Cleaners are in a Cournot oligopoly and Happy Cleaners has a higher cost of production than Sparkle Cleaners, in equilibrium, Happy Cleaners will produce ________ than Sparkle Cleaners and charge a price that is ________ Sparkle Cleaners.
A) more; less than
B) less; greater than
C) less; the same as
D) more; the same as
C) less; the same as
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In which of the following areas are partnerships common?
a. Contract jobs won through bidding b. A large multinational corporation c. Small firms producing semi-finished goods d. Professional group practices
Which of the following best defines a network externality?
a. the study of strategic interactions among economic agents b. the costs involved in changing from one product to another brand or in changing suppliers c. a strategy that will be optimal regardless of opponents’ actions d. when the number of other people purchasing the good influences quantity demanded
If the price is below the equilibrium price,
A) there is a surplus. B) there is a shortage. C) the supply curve will shift rightward. D) the supply curve will shift leftward. E) the demand curve will shift leftward.
Suppose that the money multiplier is 4. If the monetary base decreases by $2 million, the quantity of money will
A) increase by $8 million. B) increase by $500,000. C) decrease by $8 million. D) decrease by $500,000.