If only two identical firms operate in a market, consumers prefer
A) a Cournot equilibrium.
B) a Stackelberg equilibrium.
C) a collusive equilibrium.
D) any equilibrium since they all result in the same consumer surplus.
B
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All else equal, if job turnover has people leaving jobs and finding new jobs in the same industry, this will
A) decrease the supply of labor, but not change the demand for labor. B) increase the demand for labor and the supply of labor. C) increase the demand for labor and decrease the supply of labor. D) not change demand or supply in the labor market.
John Rawls' argument for maximizing the well-being of those who are least well off in society recognizes _____
a. that everyone is the same b. that the disincentives toward earning income inherent in redistribution c. that social welfare is maximized when income is equalized d. a and c
The Dow Jones Industrial Average is now based on the prices of the stocks of
a. 30 major U.S. corporations. b. 100 major U.S. corporations. c. 500 representative U.S. corporations. d. 1,000 representative U.S. corporations.
A firm charges a price so low that it prevents other firms from entering the market. This is an example of:
A. a tying contract. B. limit pricing. C. price discrimination. D. predatory pricing.