In a free-market system, the amount of output that any one household gets depends on its
A. income and wealth.
B. wealth.
C. income.
D. wage and interest income.
Answer: A
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Refer to the table above. The gross domestic product of the country is ________
A) $402,000 B) $452,000 C) $554,000 D) $352,000
The only two firms in a market are trying to decide what price to charge. The payoff matrix for this duopoly game is shown above. The payoffs are thousands of dollars of economic profit
In the Nash equilibrium, Firm A will set a price of ________ and Firm B will set a price of ________. A) $10; $20 B) $20; $10 C) $10; $10 D) $20; $20 E) $20; something, but more information is needed to determine Firm B's price
A change in relative factor prices will always result in
A) a change in the slope of the isoquants. B) a tangency between the new isocost line and a new isoquant. C) a rotation of the isocost lines. D) All of the above.
The graph below depicts long-run supply for:
A. A constant-cost industry
B. A decreasing-cost industry
C. An increasing-cost industry
D. None of these