A duopoly is a form of oligopoly with two firms
a. True
b. False
Indicate whether the statement is true or false
True
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Harry's Hookahs incurs $700,000 per year in explicit costs and $500,000 in implicit costs. The company earns $1.4 million in revenues and has $3.7 million in net worth. Based on this information, what is the accounting profit for Harry's Hookas?
A) $200,000 B) $700,000 C) $900,000 D) $1.1 million
The Bretton Woods agreement did all of the following except
a. set up the International Monetary Fund b. name the U.S. dollar as the key reserve currency c. set the price of gold at $35 per ounce d. fix exchange rates e. return the international monetary system to the gold standard
Consider the supply and demand curves depicted in the diagram below. If the government imposed a price ceiling of $15, then buyers will be intending to buy ___, but they will be able to legally buy ____
A. 30 units; 24 units
B. 36 units; 24 units
C. 36 units; 30 units
D. 24 units; more than 24 units
The benefits of social regulation usually are
A. always a zero sum. B. difficult to measure. C. less than the costs of social regulation, reducing overall welfare. D. obvious to people while the costs are hidden.