In comparing the Cournot equilibrium with the competitive equilibrium,
A) both profit and output level are higher in Cournot.
B) both profit and output level are higher in the competitive equilibrium.
C) profit is higher, and output level is lower in the competitive equilibrium.
D) profit is higher, and output level is lower in Cournot.
D
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The marginal product refers to the impact of which unit of a productive resource?
a. first b. middle c. last d. average
If the price of a good rises by 10% and the quantity purchased falls by 5%, then demand for the good is ________ and total spending on the good will ________
A) elastic; increase B) inelastic; increase C) elastic; decrease D) me and so inelastic; decrease
A capital ________ can promote financial instability in an emerging-market country because it can lead to a lending boom and excessive risk-taking on the part of banks, which helps trigger a ________
A) inflow; financial crisis B) inflow; currency devaluation C) outflow; financial crisis D) outflow; currency devaluation
Compared to the distribution of money income, the distribution of wealth is
A) about the same. B) much more equal. C) much less equal. D) a little more equal.