The above figure shows Bob's utility function, which is
A) concave.
B) convex.
C) linear.
D) L-shaped.
A
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What is the main difference between monopolistic competition and monopolies?
What will be an ideal response?
A city street is
a. always a public good, whether or not it is congested. b. a public good when it is congested, but it is a common resource when it is not congested. c. a common resource when it is congested, but it is a public good when it is not congested. d. always a common resource, whether or not it is congested.
Refer to Figure 6.2. The Nash equilibrium for the market is
A. Fly Air-full service, Hi Air-full service B. Fly Air-no frills, Hi Air-full service C. Fly Air-full service, Hi Air-no frills D. Fly Air-no frills, Hi Air-no frills
If workers in an industry become less productive, we would expect the
A) supply of workers to increase. B) supply of workers to decrease. C) demand for workers to decrease. D) demand for workers to increase.