Cooperative equilibriums:
A. can arise if a game is repeated.
B. are impossible to reach in real life.
C. never result in positive-positive outcomes.
D. never occur unless players act in their own self-interest.
Answer: A
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Which of the following statements is true?
A) The marginal entrant in a market earns the highest profit. B) The marginal entrant has the lowest cost among all firms in the market. C) Difference in technology and experience can lead to firms having non-identical costs even under perfect competition. D) In a market that has identical cost structures for all firms, there is possibility of positive economic profits in both the short run and the long run.
Monopolies exist for each of the following reasons, EXCEPT:
a. competitors are legally unable to challenge them. b. they have control over resources with very few good substitutes. c. it is sometimes inefficient to have competition in certain markets. d. it increases both producer and consumer surplus.
Market failures occur when
A. there is an increase in demand. B. there is a change in quantity demanded. C. economic efficiency increases. D. externalities exist.
Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential