For a home monopolist, a quota allows the firm to charge _______________ the tariff.
a. a higher price than
b. a lower price than
c. the same price as
d. Not enough information is provided to answer the question.
Answer: a. a higher price than
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Does the Invisible Hand Theorem remain true in the Prisoners' Dilemma game? Why or why not? What implication does this result have for cartels?
What will be an ideal response?
People know that the inflation rate will decrease from 7 percent to 3 percent. As a result
A) the nominal interest rate falls by 4 percentage points. B) the nominal interest rate is constant. C) the nominal interest rate rises by 4 percentage points. D) the nominal interest rate equals 3 percent.
Refer to Figure 3.1. If one of the graphs represents the total cost of an activity, which other graph best represents the marginal cost of the activity?
A. A
B. B
C. C
D. D
In line (2) on the graph below, the variables x and y are:
A. Nonlinearly related
B. Directly related
C. Not correlated
D. Inversely related