A glass company making windows for houses also makes windows for other things (cars, boats, stores, etc.). We would expect its supply curve for house windows to be:
A. Dependent on the demand for boat and plane windows
B. No different than that of firms which only make those windows
C. Relatively more elastic than those of firms which only make house windows
D. Relatively more inelastic than those of firms which only make house windows
C. Relatively more elastic than those of firms which only make house windows
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Which of the following was an implication of the U.S. government's Clean Air Act Amendments (CAAA) of 1977?
A) It acted as a barrier to entry. B) It increased consumer surplus. C) It reduced the profits of existing firms. D) It reduced the market power of existing firms.
In general, the relationship between ________ and ________ depends on the state of the economy at the time of the output change.
A. output; GDP B. saving; output C. inflation; output D. output; unemployment
Refer to the below table. If the firms are playing a sequential game, then
Answer the question based on the following payoff matrix for a duopoly in which the numbers indicate the profit from either opening a coffee shop in a small town or not opening the coffee shop.
A. There is a dominant strategy for this game.
B. There is only one Nash equilibrium for this game.
C. There are two potential Nash equilibrium for this game.
D. Both firms will choose not to open a coffee shop.
A policy change represents a:
A. change in one aspect of the government's policy. B. systemic change in the relationship between the economy and the government. C. change in the political system. D. change from one economic system to another.