Which of the following countries has the largest quota subscription at the IMF?
A. United States
B. Russia
C. Japan
D. China
Answer: A
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Which of the following will happen if a firm in a duopoly with homogeneous products increases its price above its marginal cost once a Nash equilibrium is reached?
A) The firm will earn huge economic profits. B) The firm will gain market share. C) The firm will lose all its customers to its rival. D) The firm will continue to earn zero economic profits.
The demand curve an individual competitive firm faces is known as its
A) excess demand curve. B) market demand curve. C) residual demand curve. D) leftover demand curve.
The difference between the market price of an acre of land and its supply price (including transportation) is
a. land rent b. zero, by definition c. negative d. the price of land e. infinite when the supply of land is fixed
Consumers know that some fraction x of all new cars produced and sold in the market are defective. The defective ones cannot be identified except by those who own them. Cars do not depreciate with use. Consumers are risk-neutral and value nondefective cars at $10,000 each. New cars sell for $8,000 and used ones for $2,000. (Note that since buyers are risk-neutral, the price of a new car reflects the expected value of purchasing a car that may or may not be defective.) What is the fraction x?