"It is only insofar as some sort of order arises as a result of individual action but without being designed by any individual that a problem is raised which demands a theoretical explanation.". This statement is from:
a. Samuelson
b. Friedman
c. Stiglitz
d. Hayek
e. Marx
D
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Bidding on a Missile Program Merowak Missiles is proposing to develop its next generation Democratizer Offensive Weapon System II (DOWS II) for the US military. It expects to have to sink $1 billion into R&D and design, spend $0.5 billion building the
tools and production facility that are unique to DOWS II production. It houses these in standard factory floor space that costs $1 million. Each missile has a marginal cost of $2,000 . The Pentagon is considering ordering 1 million of these missiles. Merowak fears that the Pentagon will ask for a lower price after only half the missiles are produced. How could it keep itself from being victim of holdup?
If the government establishes a price floor, it must also be prepared to
a. sell any additional goods created by the price floor b. create ration coupons to allocate the goods among consumers c. enter the market as an additional demander of the good d. handle the resulting excess demand e. create incentives for producers to remain in the market
If a teacher was curious to see if collaboration among students leads to higher grades, which of the following models would be the best to use?
A. Traditional models B. Regression models C. Butterfly effect model D. Heuristic models
If a firm finds that its marginal cost is greater than its price, it
A. Should increase production. B. Is maximizing its profit. C. Is maximizing its total revenue. D. Should reduce production.