Which of the following are examples of cooperative games?
A) The bargaining between a buyer and seller over the price of a car
B) Independent action by two firms in a market regarding advertising strategies
C) Independent pricing strategies by two firms in a market
D) Independent pricing strategies by many firms in a market
E) Team games (such as baseball or basketball)
A
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Use the following competitive market diagram for product Z to answer the question below.
Assume that the current market demand and supply curves for Z are D1 and S1. If there are substantial external benefits associated with the production of Z, then
A. an output smaller than G would improve resource allocation. B. an output greater than G would result in a more efficient allocation of resources. C. efficient resource allocation occurs at output G and price B because the market mechanism does not measure all benefits. D. the government should levy a per-unit excise tax on Z to shift the demand curve to the left.
Referring to Figure 19.1, the peso is likely to depreciate if the exchange rate is either ________ or ________ pesos to the dollar
A) 10; 11 B) 11; 12 C) 12; 13 D) 13; 14
The? long-run elasticity of supply in most industries is? ___________ than the? short-run elasticity because in the long? run, ? ________________.
A. less? elastic; resources and firms can enter the industry B. less? elastic; consumer demand will? increase, increasing industry profits C. more? elastic; consumer demand will? increase, increasing industry profits D. more? elastic; resources and firms can enter the industry
If the dollar appreciates in value relative to foreign currencies, aggregate demand ________.
A. increases because net exports increase B. decreases because consumption decreases C. decreases because net exports decrease D. increases because consumption increases