Compared to the United States, unions are ________ and labor markets are ________ in Western Europe.
A. stronger; more flexible
B. stronger; more regulated
C. stronger; less regulated
D. weaker; less regulated
Answer: B
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In the Cournot model, if the products are differentiated,
A) this reduces the pressure of one firm's decisions on the other. B) this increases the pressure of one firm's decisions on the other. C) there is no difference between this model and one with homogeneous goods. D) marginal costs are necessarily different.
Refer to Figure 9.2. At price 0E and quantity Q*, the deadweight loss is
A) 0ACQ*. B) 0ECQ*. C) 0FCQ*. D) EFC. E) none of the above
Which of the following is TRUE for the game in Scenario 13.4?
A) NRG's dominant strategy is to sponsor the marathon. B) NRG's dominant strategy is to sponsor the TV show. C) Vita's dominant strategy is to sponsor the marathon. D) Vita's dominant strategy is to sponsor the TV show. E) Neither company has a dominant strategy.
By summing the quantities demanded by individuals at each price we obtain the
A) equilibrium price. B) market demand curve. C) market supply curve. D) individual demand curve.