Who said this? "The government is best which governs least".
A. Thomas Jefferson
B. Sir William Petty
C. John Stuart Mill
D. Benjamin Franklin
A. Thomas Jefferson
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A large number of firms in Richland sell energy drinks. However, each firm faces a downward sloping demand curve. The market for energy drinks in Richland is an example of a(n) ________
A) perfect competition B) monopolistic competition C) monopoly D) oligopoly
When disposable income increases, saving will
A) not change. B) increase, and the supply of loanable funds curve shifts rightward. C) decrease, and there is a movement downward along the supply of loanable funds curve. D) increase, and there is a movement upward along the supply of loanable funds curve. E) decrease, and the supply of loanable funds curve shifts leftward.
Long-run market supply curves are downward sloping if
A) firms are identical. B) the number of firms is restricted in the long run. C) input prices fall as the industry expands. D) All of the above.
The above figure shows the payoff to two airlines, A and B, of serving a particular route. If the two airlines must decide simultaneously, which one of the following statements is TRUE?
A) Firm A has a dominant strategy. B) Firm B has a dominant strategy. C) Neither firm entering is a Nash equilibrium. D) The outcome of the game is unpredictable.