Game theory is used to explain the pricing behavior of
A. perfect competition.
B. monopolies.
C. monopolistic competition.
D. oligopolies.
Answer: D
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A weaker dollar would be a good policy if the U.S. government wanted to:
A. increase exports and reduce the trade balance. B. reduce imports and increase the trade balance. C. reduce the trade balance and lower inflation. D. increase the trade balance and lower inflation.
If income elasticity for a good or service is ______, then we can say that the good or service is ______.
A. zero; inferior B. negative; normal C. positive; inferior D. positive; normal
In the long run, fixed costs are
A) sunk. B) avoidable. C) larger than in the short run. D) not included in production decisions.
Which of the following can be a barrier to entry?
i. ownership of a necessary input ii. requiring a government license iii. large diseconomies of scale A) i only B) ii only C) i and iii D) i and ii E) i, ii, and iii