Which of the following is NOT a quantity-setting oligopoly model?
A. Bertrand
B. Cournot
C. Stackelberg
D. All of the choices are quantity-setting models.
Answer: A
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For firms that sell one product in a perfectly competitive market, the market price:
A. is equal to the average total cost of a firm. B. is higher than the marginal revenue of a firm C. can be influenced by one firm's output decision. D. is taken as a constant by individual firms.
To manufacture 1,000 pairs of shoes in a week, a firm must use at least 1,500 workers and 5 machines or 100 machines and 150 workers. Which method can be technically efficient?
A. 1,500 workers and 5 machines B. 150 workers and 100 machines C. Both D. Neither
What is the payoff for each firm in this simultaneous game?
a. Both firms will earn 0 b. Firm A will earn 50 and firm B will earn -10 c. Firm A will earn -10 and firm B will earn 50 d. Both firms will earn 25
Special-interest programs are highly attractive to vote-seeking politicians because
a. these programs are highly efficient, and therefore, they tend to enhance the general welfare of the populace. b. members of special interest groups favoring these programs are less likely to vote than the taxpayers who pay for them. c. low-income recipients are the primary beneficiaries of special-interest programs. d. members of special interest groups favoring these programs feel strongly about them while most other voters are rationally uninformed about them.