Because firms in an oligopoly are interdependent, they attempt to maximize revenues rather than profits
a. True
b. False
B
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Suppose we live in a 2-good Edgeworth Box economy and both of us have tastes that are quasilinear in good 1. a. Illustrate one efficient allocation in the Edgeworth Box. b. Where do the other efficient allocations that lie in the interior of the Edgeworth Box lie? c. It is typically the case that the contract curve goes from one corner of the Edgeworth Box to the other. Is that the case here as well?
What will be an ideal response?
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4, what is the value of marginal product of the 4th worker?
A) $240 B) $70 C) $10 D) $40
The supply curve of books (which are produced using paper made from trees) will shift to the left in response to
a. a decline in college tuition. b. an increase in home building. c. an increase in the supply of lumberjacks. d. an end to government regulations that limit timber harvesting in national forests.
Comparisons of GDP between developed and underdeveloped countries are often misleading because underdeveloped countries produce
What will be an ideal response?