The above figure shows the reaction functions for two pizza shops in a small isolated down. The Stackelberg leader will produce
A) 25 pizzas.
B) 50 pizzas.
C) 66.7 pizzas.
D) 100 pizzas.
D
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Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point W?
A) 5 million tons of paper B) 3 million tons of steel C) 9 million tons of paper D) 19 million tons of steel
In a competitive market when there is no deadweight loss
A) consumer surplus is minimized. B) producer surplus is minimized. C) consumer surplus plus producer surplus is maximized. D) consumer surplus plus producer surplus is minimized.
If people start to buy more expensive fuel-efficient cars rather than cheaper SUVs, even though the additional cost of fuel-efficient cars is greater than the savings in gas over the life of the car, this would be explained by which of the following types of models?
A. Empirical models using regression analysis B. Path-dependent models C. Heuristic models using traditional building blocks D. Heuristic models using behavioral building blocks
Which is an example of barter?
A. A person trades a desk for a box of tools B. A person buys clothes at a used clothing store C. A gift of tuition money from parents to their children D. The purchase of stock on the New York Stock Exchange