________ and ________ oligopolies are similar in that they both compete on quantity.
A) Cournot; Bertrand
B) Stackelberg; Bertrand
C) Cournot; Stackelberg
D) Stackelberg; Chamberlin
C) Cournot; Stackelberg
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The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. When marginal social benefit is equal to the marginal social cost of coffee in Kaffenia
A) three hundred pounds per day will be produced and consumed. B) the efficient quantity of coffee is being produced and consumed. C) any decrease in coffee consumption or production would result in a deadweight loss. D) All of the above are correct.
When social costs of an activity exceed private costs
A) there is a tendency for resources to be under-utilized. B) this means that resources are being efficiently used. C) there is a tendency for resources to be over-utilized. D) None of the above is correct.
Which of the following commodity bundles represents two goods that are perfect substitutes?
a. Ink and fountain pens b. Diesel and diesel cars c. Butter and margarine d. Webcams and computers
Which of the following correctly identifies the impact of tariffs on the producers of import-competing products in the imposing country?
A. They are forced to go out of business in the long run. B. They can expand their production and sales. C. They can price their products higher than the imported goods. D. They are forced to charge a price equal to the average cost of production.