Which word best characterizes the interaction among firms in any oligopoly?
a. cooperation
b. collusion
c. confrontation
d. interdependence
Answer: d. interdependence
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Joe consumes pizza and movies. He is currently spending his entire income and his marginal utility of pizza is 15 and his marginal utility of movies is 10
If the price of a pizza is $10 and the price of a movie is $5, then to maximize his utility Joe should A) increase consumption of pizza and decrease consumption of movies. B) increase consumption of movies and decrease consumption of pizza. C) not change his current bundle of movies and pizza. D) increase consumption of both goods.
the Figure 3.4 illustrates the demand for tacos. An increase in price of tacos would bring about a movement from:
A. point a to point c. B. point c to point a. C. D2 to D0. D. D0 to D1.
Many beach-goers leave plastic bottles on beaches instead of putting them in trash cans. This is an example of a
A. public good. B. positive externality. C. negative externality. D. neutral externality.
Matt has studied the personal computer market in his town and has examined his sales history. He believes an additional computer could be sold in the community for each reduction in price of $1. He also believes that at $2,500 the last customer in town would do without a computer. How would you represent algebraically the demand function for computers in the town?