When OPEC meets to set production levels, this organization is playing a
A) negative sum game.
B) cooperative game.
C) non-cooperative game.
D) reaction function game.
B
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Compared to a single-price monopoly, when a monopoly can perfectly price discriminate, the deadweight loss
A) increases. B) decreases. C) remains the same. D) becomes infinite. E) probably changes, but more information is needed to determine if it increases, decreases, or remains constant.
Total fixed cost
A. varies with the level of output. B. has a downward-sloping curve. C. has an upward-sloping curve. D. is constant at all levels of output.
What did automobiles and government subsidized highways increase the net benefits of?
(a) Investing privately in highway development (b) Rapid expansion of new cities and towns and revitalization in old cities and towns (c) Development of suburban and exurban areas (d) All of the above
If the demand for orange juice is expressed as Q = 2000 - 500p, where Q is measured in gallons and p is measured in dollars, then at the price of $3, the demand curve
A) is elastic. B) has a unitary elasticity. C) is inelastic. D) is perfectly inelastic.