A market with few sellers, some influence over price, high barriers to entry, a differentiated product, and non-price competition is known as
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
Answer: C
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Government expenditures on goods and services include
i. the New York City Library's purchase of new books. ii. Washington D.C.'s purchase of gas for its city buses. iii. California's payment of wages to prison guards. A) i and ii B) i and iii C) i, ii and iii D) i only E) ii and iii
Empirical research indicates that the expansion of Medicaid has led to a number of unintended consequences including
a. an increase in the incidence of low-birth weight babies among participants. b. fewer pregnant women seeking prenatal care. c. an increase in the birthrate among the eligible population. d. all of the above.
An individual labor-supply curve represents:
A. a worker's decisions around how many hours to work at each alternative wage. B. a firm's decisions around how many hours to hire at each alternative wage. C. the decisions of all firms around how many hours to work at each alternative wage. D. the decisions of all workers around how many hours to work at each alternative wage.
A Nash equilibrium is
A) reached when an oligopoly's market demand and supply intersect. B) reached when each player chooses the best strategy for himself and for the group. C) reached when each player chooses the best strategy for himself, given the other strategies chosen by the other players in the group. D) an equilibrium comprising non-dominant strategies only.