The actual or chronological time for the short and the long run does not vary from industry to industry
a. True
b. False
Indicate whether the statement is true or false
False
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Game theory is distinctive in that its elements are
A) costs, prices, and profits. B) revenues, elasticity, and profits. C) rules, strategies, payoffs, and outcomes. D) patents, copyrights, and barriers to entry.
The contestable market model is the oligopoly model which results in
A. the greatest efficiency. B. the highest profits. C. the greatest inefficiency. D. the greatest deadweight loss.
A problem with comparing macroeconomic models is that
A. macroeconomic models cannot be expressed in mathematical terms. B. people may change how they react when economic policies are changed. C. macroeconomic models must meet government standards for uniformity. D. macroeconomic models do not predict the same outcomes from policies.
How will the development of the hybrid automobile, a car powered by both a gasoline engine and a battery, affect the market for gasoline?
A. Demand will increase B. Demand will decrease C. Supply will increase D. Supply will decrease