The profits of the follower in a Stackelberg duopoly:
A. All the statements associated with this question are correct.
B. are less than those of the leader.
C. are greater than those of the leader.
D. equal those of the leader.
Answer: B
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What two things does the amount of property income a household earns depend upon?
What will be an ideal response?
Refer to Figure 7-4. The efficient price of medical services is
A) $25. B) $40. C) $55. D) >$55.
Refer to the information above. What is the equilibrium level of GDP?
A) 300 B) 400 C) 450 D) 525
The rule for the optimal use of any input says that
a. when MRP is less than price, it pays to expand resource use. b. when MRP is greater than price, it pays to expand resource use. c. when MRP equals price, resource use should be cut back. d. resources should be used only if MRP exceeds price.