How did the Soviet model of communism compare to that of Karl Marx?
A. The models were identical.
B. The Soviet model was faithful to the Marxian model, but it had been modified slightly over the years.
C. What the Soviets were operating all these years was a classic capitalist model.
D. While there was public ownership of the means of production, there did not appear to be a very close resemblance to the Marxian model.
D. While there was public ownership of the means of production, there did not appear to be a very close resemblance to the Marxian model.
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All grapefruit juice producers have decided to blend tangerine juice with the grapefruit juice. This blend results in a higher cost of production, but studies show that consumers prefer the taste of the blend to straight grapefruit juice
What will happen to the equilibrium price and quantity of the new "blended" grapefruit juice now that it costs more to produce but consumers like it better? A) The price rises and the quantity increases. B) The price falls and the quantity increases. C) The effect on the price is uncertain but the quantity increases. D) The price rises, but the effect on the quantity is uncertain.
If a firm has large start-up costs and nearly zero marginal costs
A) the firm can profit by focusing on total cost. B) the firm cannot profit competing on marginal cost. C) the firm can make money by simply charging a price. D) the firm can profit competing on marginal cost.
Explain the prisoner's dilemma case in game theory and its relevance to the maximin criterion
When a country that imported a particular good abandons a free-trade policy and adopts a no-trade policy,
a. consumer surplus increases and total surplus increases in the market for that good. b. consumer surplus increases and total surplus decreases in the market for that good. c. consumer surplus decreases and total surplus increases in the market for that good. d. consumer surplus decreases and total surplus decreases in the market for that good.