If a government could successfully achieve the maximin criterion, each member of society would have an equal income
a. True
b. False
Indicate whether the statement is true or false
False
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Comparing a perfectly competitive market to a single-price monopoly with the same costs, we see that
A) both markets are equally efficient in their use of resources. B) the monopoly market always is more efficient in the use of resources. C) the perfectly competitive market achieves efficiency in resource use while the monopoly market does not. D) the monopoly market achieves efficiency in resource use while perfectly competitive market does not. E) None of the above answers is correct because comparing a perfectly competitive market to a monopoly is impossible.
Compared to a cartel, firms in a Cournot Oligopoly
A) make more joint profit. B) sell less output. C) make less joint profit. D) act independently.
Refer to the above table. If the price of the product is $1.50, and the marginal factor cost of an additional unit of an input is $105, how many units of labor should be hired?
A) 11 B) 12 C) 13 D) 14
The conditions in which vertical relationships can enhance a firm's ability to price discriminate include
a. the manufacturer's product is of value to multiple types of customers b. the costs of arbitraging the price difference across markets is large c. the manufacturer acquires the distributer in the higher priced market d. competition provides little ability for the manufacturer to price above marginal cost