Game theory is best suited to analyze the pricing behavior of:
A. pure monopolists.
B. pure competitors.
C. monopolistic competitors.
D. oligopolists.
Answer: D
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A(n) ________ is represented by a leftward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve
A) increase in demand; decrease in quantity demanded B) decrease in demand; increase in demand C) decrease in demand; increase in quantity demanded D) decrease in quantity demanded; decrease in demand
A multilateral approach to free trade has greater potential to increase the gains from trade than a unilateral approach, because the multilateral approach can reduce trade restrictions abroad as well as at home
a. True b. False Indicate whether the statement is true or false
An increase in the equilibrium price of electricity can be caused by
A. A decrease in the demand for electricity. B. An increase in the supply of electricity. C. An increase in the quantity demanded of electricity. D. An increase in the demand for electricity.
Which of the following is TRUE about the effects of an excise tax if consumers are totally unresponsive to price changes?
A. Producers pay all of the excise tax. B. Consumers pay all of the excise tax. C. Neither consumers nor producers pay the excise tax. D. Consumers and producers share the excise tax equally.