Which of the following is not an explicit cost?
A) taxes
B) rent
C) wages
D) opportunity cost of using an owner's savings
D
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In the game in Scenario 13.2, the equilibrium strategies
A) are for both firms to offer rebates. B) is for ABC to offer a rebate, and XYZ not to offer a rebate. C) is for XYZ to offer a rebate, and ABC not to offer a rebate. D) are for both firms to offer no rebate. E) does not exist in pure strategies.
Microeconomics focuses on:
a. The individual units that make up the whole of the economy b. The workings of the whole economy or large sectors of it c. Issues such as unemployment and inflation d. Total output and the general level of prices
Suppose that inventories were $40 billion in 2012 and $50 billion in 2013. In 2013, national income accountants would:
A. add $10 billion to other elements of investment in calculating total investment. B. subtract $10 billion from other elements of investment in calculating total investment. C. add $45 billion (= $90/2) to other elements of investment in calculating total investment. D. subtract $45 billion (= $90/2) from other elements of investment in calculating total investment.
What is the incentive for a firm to join a cartel?
A) to be able to earn profits in the long run but not in the short run B) to be able to earn larger profits than if it was not part of the cartel C) to completely insulate itself from competition D) to produce a larger amount of output than if it was not part of the cartel