When a country allows trade and becomes an importer of a good,
a. consumer surplus and producer surplus both increase.
b. consumer surplus and producer surplus both decrease.
c. consumer surplus increases and producer surplus decreases.
d. consumer surplus decreases and producer surplus increases.
c
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Which of the following is a characteristic of the oligopoly model?
a. The oligopoly market consists of only a small number of sellers. b. The sellers in an oligopoly market are price takers. c. The output decisions taken by sellers are uniform and steady. d. There are barriers to the exit of firms in an oligopoly market.
If there is ongoing inflation in an economy, the value of real GDP will be greater than the value of nominal GDP
a. True b. False Indicate whether the statement is true or false
In the ________, two duopolists compete by simultaneously selecting price
A) Cournot model B) Nash model C) Bertrand model D) kinked-demand model E) none of the above
Ceteris paribus, if more alternative forms of energy become available, we would expect the demand for gasoline to become:
A. more elastic. B. more inelastic. C. perfectly elastic. D. perfectly inelastic.