In the above figure, the firm will produce
A) 0 units.
B) 5 units.
C) 15 units.
D) 20 units.
D
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If a duopolists' collusive price-fixing game can be played repeatedly,
A) one possible equilibrium is that both firms cheat. B) players can signal their willingness to cooperate. C) players can punish cheaters in the following game. D) All of the above answers are correct.
A "primary market" is a market
A) for government securities. B) in which newly issued claims are sold to buyers by borrowers. C) in which newly issued claims are sold by savers to borrowers. D) for debt by large or "primary" corporations.
What characteristic of monopolistic competition may help to offset the inefficiency of this market structure?
A) Free entry and exit imply that firms produce at minimum long-run average cost. B) Consumers may value the product diversity that allows them to choose from a wide variety of differentiated products. C) Consumers may feel better about the inefficiency if they know that firms earn zero profits. D) Consumers may prefer this outcome to monopoly or monopsony.
In the economy of Euphoria, 400 people have jobs, 200 people are not working but are searching for work, and 100 people don't work and don't seek work. The unemployment rate is
A) 20 percent. B) 25 percent. C) 33 percent. D) 50 percent. E) none of the above.