Game theory is just as necessary for understanding competitive or monopoly markets as it is for understanding oligopolistic markets
a. True
b. False
Indicate whether the statement is true or false
False
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In the case of a linear demand curve, average revenue is equal to price, while (with the exception of Q = 1 ) marginal revenue is less than price
Indicate whether the statement is true or false
Measuring the sensitivity of bank profits to changes in interest rates by multiplying the gap times the change in the interest rate is called
A) basic duration analysis. B) basic gap analysis. C) interest-exposure analysis. D) gap-exposure analysis.
If Qs = -20 + 10p, and Qd = 400 - 20p, what is the equilibrium price?
A) 14 B) 42 C) 12.67 D) 38
Suppose that over the last year the price of copper increased from $1.70 a pound to $1.79 per pound. Over the same time a measure of the overall price level increased from 300 to 309 . The price of copper increased by
a. less than inflation, and this means it became relatively less scarce. b. less than inflation, and this means it became scarcer. c. more than inflation, and this means it became scarcer. d. more than inflation, but this doesn't necessarily mean that it become scarcer.