The concept of consumer surplus was developed by the English economist ___________________.
Fill in the blank(s) with the appropriate word(s).
Alfred Marshall
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If the quantity of bank reserves held at the Fed increases, ________
A) the real interest rate increases B) bank deposits decrease C) the number of loans issued by banks decrease D) inflation increases
High fuel prices and losses by smaller firms have resulted in a considerable amount of consolidation in the trucking industry, which now most closely resembles the oligopoly market structure
Indicate whether the statement is true or false
What strategic advantage compared to a Cournot Oligopoly results in the Stackelberg outcome?
A) the ability to move first B) the ability to set price C) the ability to set quantity D) the ability to make independent decisions by the Stackelberg leader
Industry demand is given by: QD = 1000 – P
All firms in the industry have identical and constant marginal and average costs of $50/unit. a. If the industry is perfectly competitive, what will industry output be? What will be the equilibrium price? What profit will each firm earn? b. Now suppose that there are five firms in the industry, and that they collude to set price. What price will they set? What will be the output of each firm? What will be the profit of each firm?