The field of industrial organization addresses how the number of firms affects prices in a market and the efficiency of the market outcome
a. True
b. False
Indicate whether the statement is true or false
True
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Why do nations engage in international trade?
What will be an ideal response?
The Cournot model contains both competition and monopoly
Indicate whether the statement is true or false
GDP ignores all of the following EXCEPT:
A. household production. B. the value of leisure time. C. products produced in other countries that are sold in the United States. D. changes in the environment that occur in the production of output.
Which of the following will cause the marginal cost curve of making cigarettes to shift?
A) a $5 million penalty charged to each cigarette maker B) a $1 per pack tax on cigarettes C) a $1 million advertising campaign by the American Cancer Society D) All of the above.