Suppose the market demand curve for a Bertrand duopoly is downward sloping. What happens to the Nash equilibrium price and market quantity if the constant marginal cost declines?
A) Price and quantity decline
B) Price increases and quantity declines
C) Price decreases and quantity increases
D) Price and quantity increase
C
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Refer to Scenario 5.2. Samantha's expected expense for her car is
A) $20,000. B) $19,000. C) $18,000. D) $17,500. E) $15,000.
Increases in the overall price level:
A. increases people's dollar-denominated wealth. B. generally has no effect on spending. C. result in people increasing their consumption. D. result in people reducing their consumption.
Suppose there are 3 possible outcomes to a vote: A, B, and C. If voters prefer A to B, C to B, and A to C, which of the following concepts are violated?
a. Transitivity b. Median Voter Theorem c. Arrow's Impossibility Theorem d. None of the above concepts are violated
Which of the following is true concerning IRA's, 401(k) and 403(b) plans?
a. Not everyone is eligible to put funds into them. b. There are restrictions on the amount of funds that can be put into them. c. Except under unusual circumstances, there are penalties for withdrawals before retirement. d. All of the above are correct.