A successful cartel ____ supply so that member firms earn ____ profits
a. restricts; monopoly
b. expands; monopoly
c. restricts; no economic
d. expands; no economic
a
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Game theory is the study of ________
A) policy analysis B) strategic interactions C) program evaluation D) irrational decision making
Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. If the price of pecans is $3, what changes in the market would result in an economically efficient output?
A) The price would increase, the quantity demanded would decrease, and the quantity supplied would increase. B) The price would increase, the demand would decrease, and the supply would increase. C) The price would increase, the quantity supplied would decrease, and the quantity demanded would increase. D) The quantity supplied would increase, the quantity demanded would decrease, and the equilibrium price would increase.
In a common-value auction
a. Every bidder knows the exact value of the item being auctioned b. Each bidder knows everyone else's value of the item c. The value is the same for all the bidders d. All of the above
. An example of a nonrenewable resource would be:
A. trees. B. rivers. C. an oil deposit. D. All of these are examples of nonrenewable resources.