Globalization is a trend:
a. where individuals focus on the cultural, political, and economic connections within their own country.
b. where there is a reduction in cultural, political, and economic connections among people around the world.
c. where there are expanding cultural, political, and economic connections among people around the world.
d. where there is a focus on eliminating the cultural, political, and economic connections among countries.
c. where there are expanding cultural, political, and economic connections among people around the world.
Globalization is a trend where there are expanding cultural, political, and economic connections among people around the world.
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What is the value of marginal profit at the profit-maximizing output?
Suppose that a firm's long-run average total costs of producing small commuter jet airplanes increases as it produces between 2,000 and 4,000 airplanes. For this range of output, the firm is experiencing
a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. specialization.
Both firms in a Cournot duopoly would enjoy higher profits if:
A. the firms simultaneously reduced output below the Nash equilibrium level and one firm reduced output below the Cournot Nash equilibrium level, while the other firm continued to produce its Cournot Nash equilibrium output. B. one firm reduced output below the Cournot Nash equilibrium level, while the other firm continued to produce its Cournot Nash equilibrium output. C. each firm simultaneously increased output above the Nash equilibrium level. D. the firms simultaneously reduced output below the Nash equilibrium level.
Deadweight loss:
A. creates efficiency in markets. B. is the difference between the total surplus occurring in a market and the maximum total surplus achievable. C. is the loss in producer surplus from a price increase D. always occurs in markets.