Refer to the scenario above. In this case, a Nash equilibrium occurs if ________
A) each of them bids up to their value for the good
B) Tom and Roger bid up to their value for the good while Bill and Jeff bid below their value for the good
C) Tom and Jeff bid up to their value for the good while Roger and Bill bid below their value for the good
D) Bill and Jeff bid up to their value for the good while Tom and Roger stop bidding at $100 and $200, respectively
A
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Consider two scenarios for a nation's economic growth. Scenario A has real GDP growing at an average annual rate of 2%; scenario B has an average annual growth of 8%. The nation's real GDP would double in about
A. 36 years under scenario A, versus 18 years under scenario B. B. 18 years under scenario A, versus 9 years under scenario B. C. 36 years under scenario A, versus 9 years under scenario B. D. 25 years under scenario A, versus 12.5 years under scenario B.
The airline industry is best classified as:
A) an oligopoly. B) a monopoly. C) perfectly competitive. D) monopolistically competitive
A price ceiling is binding when
a. the government sets price above market equilibrium price. b. the equivalent of an implicit tax on producers and an implicit subsidy to consumers. c. the government sets price below market equilibrium price. d. Both b and c.
A set of combinations of nominal interest rates and GDP, for which the demand for money is equal to the supply of money, is the:
A) IS curve. B) aggregate expenditure line. C) supply curve. D) LM curve.