Which of the following is not a possible source of natural monopoly?
A. Large-scale network effects.
B. Simultaneous consumption.
C. Greater use of specialized inputs.
D. Rent-seeking behavior.
Answer: D
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The Cournot equilibrium can be found by treating ________ as a pair of simultaneous equations and by finding the combination of Q1 and Q2 that satisfy both equations
A) the reaction curves for firms 1 and 2 B) the market supply curve and the market demand curve C) the contract curve and the market demand curve D) the contract curve and the market supply curve E) the firm's supply curve and the firm's demand curve
An economic activity in which benefits or costs affect third parties is called
A) a public good. B) a third-party good. C) the exclusion principle. D) an externality.
Including discouraged workers in the calculation of the unemployment rate would
A. not change the reported rate. B. increase the reported rate. C. change the reported rate, but in an unpredictable manner. D. lower the reported rate.
In labor markets, the substitution effect occurs when
A) a substitute good also functions as a complement. B) the cost of production falls enough that the firm will produce a larger amount of output. C) a change in the price of a substitute input causes the demand for labor to change in the same direction. D) a change in the price of a substitute input reduces the cost of capital.