Game theory is a separate model of oligopoly therefore it is of limited value when trying to generally understand firm level behavior
a. True
b. False
B
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When will consumers' surplus overstate the actual gains received by consumers?
a. When allocation decisions are not made on the basis of price. b. When the commodity is not equally divided among consumers. c. When all consumers place the same marginal value on the good. d. When the distribution of goods is Pareto optimal.
When you buy previously issued shares of Twitter stock, this transaction takes place in the
A) primary market. B) bear market. C) bond market. D) secondary market.
Which of the following reflects an investment in human capital?
a. a new labor-saving technology b. a new heath clinic c. a new factory employing more workers d. an increase in consumption per capita e. an increase in fringe benefits, such as paid vacations and overtime pay e. wealthy landowning class and a poor working class
Increased productivity in the agricultural sector is not always a benefit to farmers because it is accompanied by
A) lower prices and if demand is inelastic, lower prices mean lower revenues. B) higher prices and if demand is elastic, higher prices mean lower revenues. C) lower prices and if demand is elastic, lower prices mean lower revenues. D) higher prices and if demand is inelastic, higher prices mean lower revenues.