Firms in oligopoly often behave like the prisoners in the prisoners' dilemma, carefully anticipating the moves of their rivals in an uncertain environment
a. True
b. False
Indicate whether the statement is true or false
True
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The law of diminishing returns makes it clear that as more a variable input is employed, in the ________ the marginal product of the variable input eventually will ________
A) short run; rise B) long run; rise C) short run; fall D) long run; fall
In the United States, the primary agency responsible for foreign exchange intervention is
A) the U.S. treasury. B) the Federal Reserve. C) the exchange stabilization fund. D) the IMF.
Refer to the graph shown. The shift from SATC1 to SATC2 reflects:
A. diseconomies of scale. B. increasing marginal productivity. C. diminishing marginal productivity. D. economies of scale.
In factor, or input, markets
A. firms demand resources. B. consumers purchase products. C. firms supply goods. D. households demand goods.