What is new about environmental problems today is
A. that for the first time in history, we have environmental problems.
B. the increased rate at which air and water pollution is occurring in the United States.
C. the amount of attention the community now gives them.
D. that environmental problems with pollution and garbage disposal have almost completely disappeared.
Answer: C
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Commitment strategies:
A. are not necessary to reach a mutually beneficial equilibrium in repeated games. B. are always needed to reach a mutually beneficial equilibrium in single-round games. C. usually fail to work. D. are not observed in reality.
A firm will hire a unit of input only if its
A. marginal physical product and marginal revenue product are positive. B. marginal physical product and marginal revenue product are negative. C. marginal physical product is positive and whose marginal revenue product is negative. D. marginal physical product is negative and whose marginal revenue product is positive.
A manufacturer of frozen pizzas found that total revenue decreased when price was lowered from $5 to $4. It was also found that total revenue decreased when price was raised from $5 to $6. Thus,
A. the demand for pizza is elastic above $5 and inelastic below $5. B. the demand for pizza is elastic both above and below $5. C. the demand for pizza is inelastic above $5 and elastic below $5. D. $5 is not the equilibrium price of pizza.
Mergers of firms in an industry tend to:
A. Transform monopolistic competition into pure competition B. Transform monopolistic competition into oligopoly C. Reduce the Herfindahl index for the industry D. Break up an oligopoly