When using game theory to analyze oligopoly, firms will always have a dominant strategy
a. True
b. False
B
You might also like to view...
For a typical short-run production function, so long as marginal product is increasing, average product will be increasing as well
Indicate whether the statement is true or false
The U.S. government budget was
A) continuously in surplus from 1959 to the late 1990s. B) in surplus for most of the period from 1959-1970, but was in deficit for most of the period from 1970 to the late 1990s. C) in deficit for most of the period from 1959-1970, but was in surplus for most of the period from 1970 to the late 1990s. D) continuously in deficit from 1959 to the late 1990s.
Recall the Application about how to wash carbon out of the air to answer the following question(s).Recall the Application. Assume a firm that produces CO2 has a marginal cost of abatement of $90 per ton and faces a carbon tax of $70 per ton. If the cost of carbon washing is $50 per ton, the firm could save ________ per ton and emit ________ carbon into the atmosphere by using a carbon washing machine.
A. $40; less B. $40; more C. $20; less D. $20; more
Assuming labor is the only variable factor of production, production of a good will occur
A. as long as the marginal revenue product of labor is positive. B. if the marginal cost of a unit of output equals the marginal revenue product of labor. C. if society values a good more than it costs firms to hire the workers to produce the good. D. as long as the product's price is greater than the marginal revenue product of labor.