Specialization often leads to gains in productivity for society as a whole
a. True
b. False
A
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Game theory reveals that
A) the equilibrium might not be the best solution for the parties involved. B) firms in oligopoly are not interdependent. C) each player looks after what is best for the industry. D) if all firms in an oligopoly take the action that maximizes their profit, then the equilibrium will have the largest possible combined profit of all the firms. E) firms in an oligopoly choose their actions without regard for what the other firms might do.
Corporations account for
A) the largest proportion of business revenues generated in the United States. B) the largest amount of taxes paid to the U.S. government. C) the largest number of firms in the United States. D) the smallest amount of revenues in the United States.
Is price discrimination always legal in the United States?
A. No, while price discrimination is legal throughout the country, it is not allowed if it is used to drive rivals out of business. B. Yes, a firm can price discriminate as long as it benefits them. C. No, price discrimination is discrimination, and its practice is never allowed in the United States. D. No, price discrimination is not legal in some states like California and Nebraska.
Suppose a firm can only vary the quantity of labor hired in the short run. An increase in the cost of capital will
A) increase the firm's marginal cost. B) decrease the firm's marginal cost. C) have no effect on the firm's marginal cost. D) More information is needed to answer the question.