Refer to the graph below, where Sd and Dd are the domestic supply and demand curves for a product. The world price of the product is $6. If an import quota of 40 units were imposed on the product, then the equilibrium price would be:
A. $6 and the quantity consumed 80 units
B. $8 and the quantity consumed 70 units
C. $10 and the quantity consumed 60 units
D. $12 and the quantity consumed 50 units
B. $8 and the quantity consumed 70 units
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If firms execute a strategy that triggers a permanent punishment, the result in an indefinitely repeated game is
A) undefined. B) the non-cooperative Nash equilibrium. C) the collusive Nash equilibrium. D) economically inefficient.
An antitrust agency is identifying the product market for Good X and determines that Good X and Good Y have a cross-price elasticity of 15.2. As a result of the cross-price elasticity, the antitrust agency is likely to ________ Good Y from Good X's product market as the products ________ compete as close substitutes.
A) exclude; do not B) exclude; do C) include; do not D) include; do
What is the function of the epididymis?
A. To act as a passageway for sperm from the urethra to the penis B. To hold the testes C. To secrete testosterone D. To store sperm until they mature
Which has grown the fastest since 1955?
A. durable goods consumption B. nondurable goods consumption C. consumption of services