The imaginary figure who advises us whether society is making the most of its scarce resources is the
A) opportunity-cost pixie.
B) benevolent social planner.
C) scarcity goddess.
D) compassionate dictator.
B
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The demand for Exxon gasoline is ____ the demand for all gasoline.
A. exactly as elastic as and has a different slope than B. more elastic than C. less elastic than D. exactly as elastic and has the same slope as
For infinitely repeated games in which the players follow a tit-for-tat strategy, which one of the following outcomes is NOT possible?
A) The players cooperate with one another until someone decides to not cooperate, and then the other players will not cooperate for some period of time. B) There can be dominant strategies. C) If the information about another player's action is limited, then some cooperative actions may be incorrectly interpretted as "not cooperate." D) All of the above are possible outcomes.
Which of the following is always true for a perfectly competitive firm?
a. Marginal revenue is below price. b. Marginal revenue exceeds price. c. The market demand curve is a horizontal line. d. Price equals marginal revenue. e. The market supply curve is a horizontal line.
Which joint profit is earned when the two firms charge different prices from each other?
a. $18,000
b. $17,600
c. $17,400
d. $12,000