In Figure 29.1, the area that represents the amount the consumers pay the producers under perfect competition is
A. OPPCCQPC.
B. OFEQmonopoly.
C. OFCQPC.
D. OPmonopolyBQmonopoly.
Answer: A
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Suppose that because of inflation, the absolute price of a gallon of milk increases by 20% and the absolute price of a gallon of gasoline increases by 10%. In this situation, the price of milk relative to the price of gasoline
a. falls. b. rises. c. remains the same. d. changes unpredictably.
Refer to the scenario above. This game ________
A) has a unique Nash equilibrium B) has a unique dominant strategy equilibrium C) does not have a dominant strategy equilibrium D) does not have a Nash equilibrium
Crowding in occurs when government spending improves business expectations about the future and leads to higher business investment spending
a. True b. False Indicate whether the statement is true or false
In her calculation of the cost of going to college, an economist would include the amount of forgone earnings over the years spent at college.
Answer the following statement true (T) or false (F)