Game theory:
A. complements the standard supply/demand model.
B. is the best model for monopoly.
C. replaces the standard supply/demand model.
D. is the best model for perfect competition.
Answer: A
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What does the cross elasticity of demand measure?
What will be an ideal response?
The marginal rate of technical substitution is measured by
A) the relative input prices. B) the slope of the isocost line. C) the slope of the isoquant. D) the ratio of the product's price to the product's cost of production.
If the demand increases in a perfectly competitive market, what will likely occur?
A. The short-run supply curve will shift to the right, causing price to eventually fall. B. Firms will temporarily make a profit due to a higher price. C. Firms will enter the market in hopes of capturing some profits. D. All of these are true.
For a particular product, an effective price floor results in
A. quantity demanded equal to quantity supplied. B. demand equal to supply. C. quantity demanded greater than quantity supplied. D. quantity supplied greater than quantity demanded.