In discussing trade, it is ____ that matters rather than ____
a. absolute advantage: elastic advantage
b. comparative advantage; absolute advantage
c. entire advantage; comparative advantage
d. elastic advantage; entire advantage
e. declarative advantage; absolute advantage
b
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The table gives the demand and supply schedules for cookies. The government now levies a $0.30 tax on cookies. As a result, the price of a packet of cookies increases by ________ and the tax revenue collected is ________ a week
A) $0.20; $24 B) $0.10; $9 C) $0.20; $20 D) $0.30; $30
A major advantage of the ________ production function is that it can be easily transformed into a linear function, and thus can be analyzed with the linear regression method
A) cubic B) power C) quadratic D) None of the above
In the game in Scenario 13.11, equilibrium is
A) R1, C1. B) R1, C2. C) R2, C1. D) R2, C2. E) a mixed strategy based on all four pure strategies.
What is the Nash equilibrium of this one-shot game?
a. Firm A will charge a lower price and firm B will charge a lower price b. Firm A will charge a higher price and firm B will charge a lower price c. Firm A will charge a lower price and firm B will charge a higher price d. Firm A will charge a higher price and firm B will charge a higher price