A monopolist will charge a lower price and produce more output than if it was operating in a competitive market
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose iPhones cost 180 euros and 240 dollars in Belgium and the United States, respectively, while binoculars cost 60 euros and 75 dollars in Belgium and the United States, respectively
If the exchange rate is 0.75 euros/dollar, the law of one price ________ for iPhones and ________ for binoculars. A) holds; holds B) does not hold; holds C) does not hold; does not hold D) holds; does not hold
Explain why the dominant strategy equilibrium in an open outcry English auction is also the Nash equilibrium
What will be an ideal response?
Eli is headed to his job harvesting grapes at a local vineyard. He earns $8 every hour he works there. His friend calls him and asks him to go mountain biking for the next 2 hours instead. Eli cannot decide between the two activities. His indecision implies he values riding his mountain bike for two hours:
A. less than $16. B. more than $16. C. at no more than $8. D. at exactly $16.
Refer to the accompanying table. ________ has the comparative advantage in making pies and ________ the comparative advantage in making cakes. Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. Martha; Martha B. Julia; Julia C. Julia; Martha D. Martha; Julia