Refer to Figure 4.1. A Nash equilibrium can be found at
A) (Up; Top; Left)
B) (Up; Top; Right)
C) (Down; Bottom; Right)
D) There is no Nash equilibrium.
C
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A market equilibrium is only efficient if:
A. the consumer surplus and the producer surplus associated with a given transaction are equal. B. output is distributed equitably among consumers. C. consumer surplus and producer surplus are both zero. D. all relevant costs and benefits are reflected in the market supply and demand curves.
When a tax is imposed on a good or a service, the marginal benefit of the last unit bought ________ the marginal cost of the last unit
A) is equal to B) is greater than C) is less than D) None of the above answers is correct because there is no consistent relationship between the marginal benefit of the last unit and its marginal cost. E) is not able to be compared to
When sellers have more information about products than buyers do, we would expect
A) sellers to get higher prices for their goods than they could otherwise. B) buyers to pay lower prices for goods than they would otherwise. C) high-quality goods to drive low-quality goods out of the market. D) low-quality goods to drive high-quality goods out of the market.
Which of the following will be a source of economic growth
a. an increase in inflation b. an improvement in technology c. a reduction in the labor force d. an increase in JSU football touchdowns