A(n) ____ can be used to demonstrate why a competitive oligopoly tends to result in a low-price strategy that does not maximize mutual profits
a. interdependence index
b. gini coefficient
c. herfindahl index
d. payoff matrix
d
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To find the cost of the CPI market basket in the base period prices we have to multiply the
A) quantities in the CPI market basket by the base period prices and then multiply by 100. B) quantities in the CPI market basket by the base period prices. C) current period quantities in the CPI market basket by the current period prices. D) quantities in the CPI market basket by the current period prices. E) current period quantities in the CPI market basket by the base period prices.
La Super Rica is a taco stand in Santa Barbara, California. It is popular with the locals and even the late Julia Child found the food delicious
If La Super Rica is currently producing where marginal revenue is greater than marginal cost, to increase its profit La Super Rica should A) increase production. B) decrease production. C) not change its production because it is maximizing its profit. D) Not enough information is given to determine what La Super Rica should do.
Two firms, Acme and FirmCo, have access to five production processes, each of which has a different cost and gives off a different amount of pollution. The daily costs of the processes and the corresponding number of tons of smoke emitted are shown in the table below.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Acme ($/day)$750$800$1,000$1,400$2,000Cost to FirmCo ($/day)$500$750$1,200$2,200$4,000 Suppose the firms are both currently using process A. If the government imposes a tax of $110 per ton of smoke emitted, a total of ________ tons of smoke will be emitted each day, and the total cost to society of this policy will be ________ per day.
A. 16; $250 B. 14; $500 C. 18; $50 D. 20; $0
A tariff
A) makes domestic consumers worse off. B) makes both domestic producers and consumers worse off. C) makes everyone better off. D) makes domestic producers worse off.