Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3.
B. -1.5.
C. -3.
D. -30.
Answer: B
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In a sequential contestable market game
A) a small number of firms can behave like firms in perfect competition. B) the outcome is always a monopoly equilibrium. C) the dominant firm always makes a monopoly profit, while other firms make zero economic profits. D) a firm that enters the market first is protected from potential entrants by natural barriers.
Refer to Figure 5-1. The efficient equilibrium price is
A) $60. B) $50. C) $40. D) < $40.
If you are willing to purchase a house for $300,00 . and you purchase the house for $275,000 . this transaction will generate:
a. There is no surplus created b. $25,00 . worth of seller surplus and unknown amount of buyer surplus c. $10,00 . worth of buyer surplus and $15,00 . of seller surplus d. $25,00 . worth of buyer surplus and unknown amount of seller surplus
A downturn in the economy occurs when real GDP
a. declines, inflation moderates, and full employment exists b. declines, inflation occurs, and unemployment emerges c. declines, inflation moderates, and unemployment emerges d. is sustained at a relatively high level, but inflation moderates, and unemployment emerges e. is sustained at a relatively high level with full employment, but inflation moderates