Game theory analysis of oligopolistic behavior suggests that oligopolists will benefit from collusion.
Answer the following statement true (T) or false (F)
True
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Producer surplus is the
A) cost of the good summed over the quantity sold. B) demand for a good minus the supply summed over the quantity sold. C) price of a good minus the marginal cost of producing it summed over the quantity sold. D) marginal cost of producing it summed over the quantity sold.
If society were to maximize the utility of its best-off member, the final allocation would be
A) perfect equity. B) on the contract curve. C) Pareto-efficient. D) one in which one person gets everything.
During the "computer revolution" of the 1980s and 1990s, many firms replaced old technology with new technology. What might explain why firms don't change technology as quickly today?
What will be an ideal response?
A shortage occurs whenever
a. quantity demanded exceeds quantity supplied at the equilibrium price b. price is less than equilibrium price c. quantity demanded is less than quantity supplied d. goods are scarce e. some of the people who need the product are not willing and able to buy it at the equilibrium price