The total cost curve is the sum of the:
a. total fixed and total variable cost curves.
b. total fixed and marginal cost curves.
c. marginal cost and total variable cost curves.
d. none of these.
a
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The production possibilities curve depicts the combinations of two goods that can be
a. viewed as creating international specialization, one country producing one good, the other a second good b. produced with a given level of technology and set of resources c. consumed with a given quantity of resources and level of technology d. produced with varying levels of unemployment of resources e. produced with varying levels of unemployment and underemployment of resources
Productivity growth tends to affect all industries to the same degree
a. True b. False Indicate whether the statement is true or false
Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The $50 is divisible up to one cent. The players have one shot to reach an agreement. Management has the ability to announce what it wants first, and then the labor union can accept or reject the offer. Both players get zero if the total amounts asked for exceed $50. Which of the following is true?
A. ($25, $25) is a Nash equilibrium. B. There are multiple Nash equilibria. C. There are multiple Nash equilibria, and ($25, $25) is a Nash equilibrium. D. A Nash equilibrium is also a perfect equilibrium.
Refer to the information provided in Table 3.2 below to answer the question(s) that follow.Table 3.2Price per CheeseburgerQuantity Demanded (Cheeseburgers per Month)Quantity Supplied (Cheeseburgers per Month)$51,500 500 61,200 700 7 900 900 8 6001,100 9 3001,300Refer to Table 3.2. In this market there will be an excess demand of 500 cheeseburgers at a price of
A. $5. B. $6. C. $7. D. $8.