The residential-electricity market is characterized by
A. unregulated perfect competition.
B. unregulated natural monopoly.
C. regulated (usually natural) monopoly.
D. unregulated simple monopoly.
Answer: B
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In the game in Scenario 13.6, what is the Nash equilibrium?
A) The strategy pair associated with -$100, -$1. B) The strategy pair associated with $2, -$0.5. C) The strategy pair associated with $1, -$1. D) The strategy pair associated with -$0.5, -$0.5. E) There is no Nash equilibrium in pure strategies.
A negative externality or spillover cost (additional social cost) occurs when
A. the price of the good exceeds the marginal cost of producing it. B. the total cost of producing a good exceeds the costs borne by the producer. C. firms fail to achieve allocative efficiency. D. firms fail to achieve productive efficiency.
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In Exhibit 3-7, if price happened to currently be $75 in this market, a _______ would result, causing a __________ in price.
A. shortage; increase B. shortage; decrease C. surplus; increase D. surplus; decrease
Figure 19-1
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Of the graphs in Figure 19-1, which one shows that an expansion of the Japanese economy leads to a depreciation of the yen?
A. 1 B. 2 C. 3 D. 4