A noncooperative game would refer to a situation in which oligopoly firms
A) are too small to be interdependent.
B) do not engage in collusive behavior together.
C) are made worse off by their actions.
D) behave as a joint monopoly.
Answer: B
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Suppose that the reserve ratio is 6% and applies only to checkable deposits. A bank has noncheckable time deposits of $300 million, checkable deposits of $100 million, and reserves of $8 million. What are the excess reserves of this bank?
A. $2 million B. $6 million C. $5.6 million D. $2.4 million
In general, in the 19th century, America
(a) was a low tariff nation because it was believed that free trade brought specialization, efficiency and more rapid economic growth. (b) was a nation that kept its tariffs at about the same levels as England so as not to give the British an advantage. (c) was a high tariff nation which believed, from the days of Alexander Hamilton, that America's industry needed protection from the more industrially advanced England. (d) had a moderate level of tariffs, compared with England, whose main purpose was to provide the federal government with revenues.
The laissez-faire free-market system is
A. an ideal of perfection. B. one that leaves no room for improvement. C. unmatched by any other system for allocative efficiency. D. All of the responses are correct.
Profit per unit is equal to
A. P - MR. B. TR - ATC. C. P - ATC. D. TR - TC.