A ______ good is something whose consumption by one person does not prevent its consumption by other people.
Fill in the blank(s) with the appropriate word(s).
public
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U.S. dollar bills
A) are backed by gold. B) are backed by silver. C) are backed by platinum. D) are backed by uranium. E) are not backed by any precious metal.
Which of the following examples reflects monopolistic competition?
a. After modernizing equipment, Mitchell, Inc operates at the lowest average cost of production. b. After making long-run adjustments, Slattery, Inc operates at 90 percent of capacity. c. Long-run adjustments allows Gable, Inc to operate at 100 percent capacity. d. Production refinements allow Jones, Inc. to operate at a level where average total cost is minimized.
Compared with a perfectly competitive firm facing the same costs, long-run equilibrium for a monopolistically competitive firm will result in
A) a higher price and greater output. B) a lower price and less output. C) a higher price and less output. D) a lower price and greater output.
The tit-for-tat strategy implies that the firms
a. in non-competitive industries match price increases but ignore price decreases b. will follow the lead of the dominant firm in making pricing decisions c. prices will change whenever fixed cost changes d. cooperate on the first round, and then follow your competitors reactions on the second round e. price will only change if demand changes