Monopolies ________ fair and ________ efficient
A) are always; are not
B) might be; are always
C) might be; might be
D) are always; are always
E) are never; are always
C
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The point where quantity demanded and quantity supplied are equal is known as the
a. ceiling price. b. minimum price. c. equilibrium price. d. administered price.
The balance of payments ____________
a. is positive when the nation has a trade surplus b. is an itemized account of a nation's foreign economic transactions c. for some nations is positive and for others is negative but for the sum of all nations is zero d. is negative when the nation has a trade deficit e. can only be expanded when the government has foreign exchange reserves
Refer to the information provided in Table 20.5 below to answer the question(s) that follow. Cashews are measured in bushels and tea is measured in pounds (lbs.)
Table 20.5
Refer to Table 20.5. The most that India will be willing to pay for a lb. of tea is
A. 1/10 of a bushel of cashews. B. 1/5 of a bushel of cashews. C. 1/4 of a bushel of cashews. D. 1/2 of a bushel of cashews.
The above figure shows the payoff to two airlines, A and B, of serving a particular route. If the two airlines must decide simultaneously, which one of the following statements is TRUE?
A) Firm A has a dominant strategy. B) Firm B has a dominant strategy. C) Neither firm entering is a Nash equilibrium. D) The outcome of the game is unpredictable.