Strategic behavior and game theory are features of which market structure?
A. monopolistic competition
B. oligopoly
C. monopoly
D. perfect competition
Answer: B
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Suppose product X is an input in the production of product Y. Product Y in turn is a substitute for product Z. An increase in the price of X can be expected to:
A. decrease the demand for Z. B. increase the demand for Z. C. have no effect on the demand for Z. D. decrease the supply of Z.
Resources are efficiently allocated when production occurs where:
A. marginal cost equals average variable cost. B. price is equal to average revenue. C. price is equal to marginal cost. D. price is equal to average variable cost.
Figure 9.9 depicts a market for electricity. S1 is the supply curve without the external costs. S2 is the supply curve with the $T tax. Assume electricity production incurs external costs. If the government imposes the pollution tax in the amount illustrated, the amount of the pollution tax shifted forward on to consumers is:
A. PA - PB. B. PA - PC. C. PB - PC. D. (1/2)?(PB - PC).
The demand curve for microwave popcorn is linear. Which of the following definitely makes the demand for microwave popcorn more inelastic?
A) a decrease in the price of microwave popcorn B) an increase in the price of microwave popcorn C) an increase in income D) a decrease in income