The economist who won the Nobel Prize in Economics for his path-breaking analysis of the ways in which property rights, transaction costs and institutions affect the allocation of economic resources is:
A. John Nash.
B. Arthur Cecil Pigou.
C. Ronald Coase.
D. Theodore Groves.
C. Ronald Coase.
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The imposition of an excise tax on a product will shift that product's ________ curve vertically by the exact amount of the tax. This represents ________.
A. supply; a decrease in supply. B. ?demand; a decrease in demand. C. ?supply; an increase in supply. D. ?demand; an increase in demand.
In the long run, a monopolistically competitive firm's price equals
A) its average total cost and its marginal cost. B) its average total cost but not its marginal cost. C) its marginal cost but not its average total cost. D) neither marginal cost nor its average total cost.
“Peak pricing” can only work effectively if prices remain relatively low for scarce resources.
Answer the following statement true (T) or false (F)
A risk-neutral consumer
A. will always refuse a fair gamble. B. avoids all risks. C. will always accept a fair gamble. D. is indifferent between accepting and refusing a fair gamble.