The prime engine of growth in market economies is
A) government spending
B) consumer spending
C) innovation
D) private saving
Ans: C) innovation
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The game in Scenario 13.8 is
A) variable-sum. B) constant-sum. C) cooperative. D) a Prisoner's Dilemma. E) a Conjoint Crux.
In the above figure, if this natural monopolist were unregulated, the profit maximizing firm would produce
A) at Q1 output rate. B) at Q2 output rate. C) at Q3 output rate. D) past the Q3 output rate.
A price floor has no effect in a market when it's set
a. above the equilibrium price b. below the equilibrium price c. at 100 percent of parity d. above the price ceiling e. below the price ceiling
In the inverted-U theory of R&D, which of the following industry concentration ratios would be most conducive to R&D (as a percentage of firm sales)?
A. 1 percent. B. 10 percent. C. 50 percent. D. 70 percent.