For a monopolistic competitor, marginal revenue at its short-run equilibrium price and quantity equals:
a. price.
b. marginal cost.
c. average cost.
d. average revenue.
Ans: b. marginal cost.
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Refer to the scenario above. If these four friends are the only bidders and each bidder uses his optimal strategies, the owner of the good will earn an expected revenue of ________
A) $210 B) $350 C) $500 D) $625
The assumption of increasing opportunity costs in the HO model increases the likelihood that
A) there will be incomplete specialization in production after trade begins. B) countries will be better off with free international trade. C) countries will maximize their standards of living from free international trade. D) All of the above.
The study of how people behave strategically under different circumstances is called:
A. game theory. B. game strategy. C. strategy optimization. D. strategy theory.
What is the unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed?
a. 20.2 % b. 16.8% c. 14.4% d. 11%