A market with many sellers, no influence over price, no barriers to entry, a homogeneous product, and an absence of non-price competition is known as
A) perfect competition.
B) monopolistic competition.
C) oligopoly.
D) monopoly.
Answer: A
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If the game is repeated indefinitely, and the vendors adopt a trigger strategy such that they would start charging the low price only if the other vendor charged a low price last time, what would be the Nash equilibrium?
a. Both the vendors price high b. Both the vendors price low c. Vendor A prices high, vendor B prices low d. Vendor B prices high, vendor A prices low
In economic terms associated with employment and unemployment, what would cause an economy to operate inside its production possibilities curve? What would have to change to move it to a point on its production possibilities curve?
Which of the following pieces of information do you need to calculate the labor force participation rate?
I. the number of employed persons II. the number of unemployed persons III. the population IV. the working age population A) I, II and IV B) I and III C) I and II D) I, II and III E) all of the above
Refer to the information provided in Figure 12.4 below to answer the question(s) that follow.
Figure 12.4There are two sectors in the economy, X and Y, and both are in long-run, zero-profit equilibrium at the intersections of S0 and D0.Refer to Figure 12.4. Assume consumer preference changes toward X and away from Y. Ceteris paribus, the likely change in capital flow in sector Y will cause the industry's short-run ________ curve to shift to the ________.
A. supply; left B. supply; right C. demand; right D. demand; left