Which of the following accurately describes the difference between an individual demand curve and a market demand curve?
a. A market demand curve focuses more on price than does an individual demand curve.
b. A market demand curve focuses on a broader set of buyers than does an individual demand curve.
c. A market demand curve focuses more on consumers than does an individual demand curve.
d. A market demand curve focuses on a more specific area than does an individual demand curve.
b. A market demand curve focuses on a broader set of buyers than does an individual demand curve.
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If the Fed sells government bonds in the open market, it will cause:
A) a downward movement along the supply curve for reserves. B) a shift of the supply curve for reserves to the left. C) a shift of the supply curve for reserves to the right. D) an upward movement along the supply curve for reserves.
In the figure above, if pizza production increases to 15,000 pizzas a day, then marginal benefit ________ marginal cost, and ________ occurs
A) exceeds; overproduction B) exceeds; underproduction C) is below; overproduction D) is below; underproduction E) exceeds; efficient production
________ is the market structure in which there are many rival firms producing differentiated products
A) Perfect competition B) Monopolistic competition C) Monopoly D) Oligopoly
The above figure shows the payoff matrix for two firms, A and B, choosing to produce a basic computer or an advanced computer. How many pure-strategy Nash equilibria are in this game?
A) 0 B) 1 C) 2 D) 3