In the Cournot model, each firm's reaction function shows the firm's ________ as it depends on its rival's output.
A. marginal revenue
B. optimal, profit-maximizing output
C. break-even output
D. minimum cost
Answer: B
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The greenhouse effect is largely caused by
A. Human activity. B. The federal government. C. Industrial firms. D. The release of carbon dioxide into the atmosphere.
Diversification
A) maximizes risk. B) maximizes profit. C) minimizes risk. D) minimizes costs.
The effects of tariffs and quotas are: a(n) __________ in the prices of imported goods to domestic consumers, and a(n) __________ in imports
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
When the wage increases:
A. all workers will work more hours. B. all workers will work fewer hours. C. some workers will work more hours and some workers will work fewer hours, but on average, hours worked will increase. D. some workers will work more hours and some workers will work fewer hours, but we don't know whether average hours will increase or decrease.