In a multiplayer game of chicken, there can be no Nash equilibrium
Indicate whether the statement is true or false
FALSE
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What is the difference between comparative advantage and absolute advantage?
What will be an ideal response?
A concentration ratio refers to the
a. ranking of firms by profitability b. percentage of sales accounted for by the leading firms in an industry c. percentage of sales accounted for by the largest firm in an industry d. ability of a firm to control market price e. percentage of profit accounted for by the largest firm in an industry
If a profit-maximizing restaurant is going to increase its revenues by charging senior citizens (persons age 65 and over) lower prices than other customers,
a. the demand of senior citizens for the services of the restaurant must be inelastic. b. senior citizens must have lower incomes than other potential customers. c. the demand of senior citizens for the services of the restaurant must be elastic. d. senior citizens must have higher incomes than other potential customers. e. other customers must enjoy food more than senior citizens.
A fire extinguisher is an example of a A. private good that generates external costs. B. private good that generates external benefits. Your answer is correct.C. public good that generates external benefits. D. public good that generates internal benefits.
A fire extinguisher is an example of a
A.
private good that generates external costs.
B.
private good that generates external benefits.
Your answer is correct.
C.
public good that generates external benefits.
D.
public good that generates internal benefits.