Game theory is necessary for understanding
a. all market structures.
b. competition and oligopoly, but it is not necessary for understanding monopoly.
c. monopoly and oligopoly, but it is not necessary for understanding competition.
d. oligopoly, but it is not necessary for understanding monopoly or competition.
d
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Using equations for public and private saving, show that saving must equal investment in a closed economy. Begin with the expression for total saving in the economy
What will be an ideal response?
The elasticity measure which has been employed by the courts to assess the degree of market competition is
a. price elasticity of demand. b. income elasticity of demand. c. cross elasticity of demand. d. inverse elasticity of demand.
Which of the following accurately describes how earnings from capital eventually get paid to households?
a. Households can own a stock of capital and rent it to firms. b. Households lend money to firms, who then pay interest to the households. c. Households that own stock in firms receive dividends. d. All of the above are correct.
The combined impact of the labor pool effect of globalization for low-skilled workers and the market expansion effect of globalization for high-skilled workers is
A. falling income inequality, since one effect helps those with low incomes and the other effect hurts those with high incomes. B. rising income inequality, since one effect helps those with high incomes and the other effect hurts those with low incomes. C. stable income inequality, since one effect helps those with low incomes and the other effect helps those with high incomes. D. stable income inequality, since one effect hurts those with low incomes and the other effect hurts those with high incomes.