With railroads, considerable regulatory energy was spent trying to solve the so-called ______________________.
Fill in the blank(s) with the appropriate word(s).
Ans: weak/strong route problem
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Based on the graphic for perfect competition versus monopoly, the welfare for perfect competition is ______ the welfare for monopoly.
a. greater than
b. less than
c. equal to
d. the opposite of
Which of the following incurs a primarily pecuniary cost?
a. a factory’s smog obscuring the sunset b. a defective product causing a fire that burns a house c. noise from a warehouse making neighbors nervous d. the smell from a dogfood factory permeating a neighborhood
Suppose Jordan and Lee are trying to decide what to do on a Friday. Jordan would prefer to see a comedy while Lee would prefer to see a documentary. One documentary and one comedy are showing at the local cinema. The payoffs they receive from seeing the films either together or separately are shown in the payoff matrix below. Both Jordan and Lee know the information contained in the payoff matrix. They purchase their tickets simultaneously, ignorant of the other's choice. 
This game:
A. is not a prisoner's dilemma. B. has no Nash equilibrium. C. is a prisoner's dilemma. D. is an ultimatum bargaining game.
When buying a piece of equipment, it is always best for the firm to pay cash instead of borrowing the funds since this renders the equipment less costly
Indicate whether the statement is true or false