In the ________, one firm sets its output first, and then a second firm, after observing the first firm's output, makes its output decision
A) Cournot model
B) model of monopolistic competition
C) Bertrand model
D) kinked-demand model
E) none of the above
E
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According to the text, during which time period did the United States have the highest unemployment rates?
A) 1930s B) 2000s C) 1950s D) 1980s
An example of someone who irrationally considers sunk costs when making a decision is most likely:
A. a family that pays $20 to enter a state park for the day and leaves after an hour. B. a family that pays $20 to enter a state park for the day and stays all day. C. someone who paid $50 for a ticket to a baseball game and ends up sitting through the entire game in the freezing rain without a jacket. D. someone who paid $50 for a ticket to a baseball game and ends up sitting through the entire game enjoying himself.
Cash payments to a steel mill for steel used in production of automobiles would be an example of
a. sunk costs b. fixed costs c. explicit costs d. implicit costs e. entrepreneurial costs
About one worker in _____ is covered by a Cost of Living Adjustment Agreement (COLA).
A. two B. four C. seven D. ten