The Stackelberg model of oligopoly assumes that each of the two producers will choose prices instead of quantities and neither will change price in response to the other's decision
Indicate whether the statement is true or false
F
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Refer to Table 5.2. This table shows the number of labor hours required to produce a bicycle and a harmonica in Germany and Sweden
a. Which country has an absolute advantage in the production of bicycles? b. Which country has an absolute advantage in the production of harmonicas? c. What is Germany's opportunity cost of producing one bicycle? d. What is Sweden's opportunity cost of producing one bicycle? e. What is Germany's opportunity cost of producing one harmonica? f. What is Sweden's opportunity cost of producing one harmonica? g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce bicycles? h. If each country specializes in the production of the product in which it has a comparative advantage, who should produce harmonicas?
Consider the following economic agents:
a. the government b. consumers c. producers Who, in a modern mixed economy, decides what goods and services will be produced with the scarce resources available in that economy? A) consumers B) consumers and producers C) producers D) the government E) the government, consumers, and producers
Government transfer payments are a good example of an automatic stabilizer
a. True b. False Indicate whether the statement is true or false
The primary rationale for antitrust policy is mistrust and an expectation of foul play
Indicate whether the statement is true or false