The peak of the isoprofit curve has which of the following characteristics?
A. It is the point on the isoprofit curves where Cournot competitors can efficiently achieve collusion profits.
B. It is the point at which monopoly profits are always achieved.
C. It is the point at which the isoprofit curve crosses the reaction function.
D. It is the point on the isoprofit curves associated with the highest profit.
Answer: C
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A. discoveries of new natural resources. B. advances in information and Communication Technology (ICT). C. increases in human capital. D. increased political stability.
In a Floating Exchange Rate system:
(a) The government intervenes to influence the exchange rate. (b) The central bank intervenes to fix the exchange rate. (c) The exchange rate adjusts to equate the supply and demand of the currency. (d) None of the above
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A. higher than the? seller's willingness to accept. B. equal to the? seller's willingness to accept. C. lower than the? seller's willingness to accept. D. A and B only. E. All of the above.
Which of the following is a major source of inefficiency?
A. price taking B. market power C. perfect competition D. all of the above