Assume thatthe market demand for organic tomatoesis modeled as QD= 104 – 2P and market supply is QS = 20 + 4P. If the actual price is set at $20 per pound, there is a _________ of _______ units of the good.
a. surplus; 36 c. shortage; 10
b. surplus; 26 d. none of the above
a. surplus; 36
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A strategy in which a player cooperates in the current period if the other player cooperated in the previous period, but the player cheats in the current period if the other player cheated in the previous period is called a
A) tit-for-tat strategy. B) trigger strategy. C) duopoly strategy. D) dominant firm strategy.
When negative network externalities are present
A) the demand curve is more elastic than otherwise. B) the demand curve is less elastic than otherwise. C) the demand curve shifts to the right. D) the demand curve shifts to the left.
In the long run, when an increase in the quantity of output decreases average total cost, this is called:
A. constant economies to scale. B. diseconomies of scale. C. minimum average total cost. D. economies of scale.
Which of the following would be considered a transaction deposit?
A. checking account B. credit card account C. 401(k) retirement account D. mutual funds account