If the members of an oligopoly could agree on a total quantity to produce and a price to charge, what quantity and price would they choose? Will this choice represent a Nash equilibrium?
the monopoly quantity and price; no because the self-interests of the individual oligopolists will encourage each oligopolist to produce a slightly higher level of output than the oligopolist's share of the monopoly quantity, which will lower the market price
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If Real GDP is less than Natural Real GDP, then the (actual) unemployment rate is
A) less than the natural unemployment rate. B) equal to the natural unemployment rate. C) greater than the natural unemployment rate. D) less than or greater than the natural unemployment rate, but we cannot determine which one. E) b and d
Which of the following is true?
A. Frictional unemployment implies a lack of available jobs. B. During a recession, cyclical unemployment will be low. C. When an economy is at full employment, actual unemployment will be less than the natural rate of unemployment. D. When actual GDP equals potential GDP, the actual unemployment rate will equal the economy's natural rate of unemployment.
In 2009, actual output in the United States was 4.6 percent below the potential output. This implies that _____
Fill in the blank(s) with the appropriate word(s).
The benefits-received principle of taxation is used to support corporate and personal income taxes.
Answer the following statement true (T) or false (F)