Compared to the profit-maximizing outcome, average cost pricing in natural monopoly leads to
a. a higher price.
b. decreased consumer surplus.
c. the elimination of economic profit.
d. less output.
C
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In the above figure, if the milk industry is perfectly competitive, then the firm's marginal revenue curve is represented by
A) curve F. B) curve G. C) curve H. D) curve I.
Refer to the payoff matrix below. In reference to the Nash equilibrium/equilibria in this game, which of the following is true?
Cruise R Us and Cruise the World compete in the cruise line industry. Each firm needs to determine if they are going to offer special cruise packages with special rates or not offer the specials. The above payoff matrix shows the firms' net economic profit for each set of strategies.
A) Cruise R Us No Specials and Cruise the World No Specials is a Nash equilibrium.
B) There are no Nash equilibria in this game.
C) Cruise R Us Specials and Cruise the World No Specials is a Nash equilibrium.
D) Cruise R Us Specials and Cruise the World Specials is a Nash equilibrium.
Which event was most important in promoting the belief that the U.S. government should work to ensure economy-wide stability?
A) World War II B) the Civil Rights Movement C) the California Gold Rush D) the Great Depression
TANF sets a lifetime cap for benefits at 10 years
a. True b. False Indicate whether the statement is true or false