Games with a noncooperative equilibrium:
A. always result in a negative-negative outcome.
B. can result in either a positive-positive or negative-negative outcome.
C. always result in a positive-negative outcome (zero-sum).
D. always result in a positive-positive outcome.
Answer: B
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At a perfectly competitive firm’s profit-maximizing level of output, its total revenue is $200 and its short-run variable cost is $225. The firm
A. has a loss of $25. B. should shut down. C. should increase output to reduce losses. D. should raise the price of its product.
If a good is an inferior good, then its
A) demand curve will be upward sloping. B) income effect reinforces the substitution effect. C) income elasticity is negative. D) Engel curve cannot be drawn.
Both tariffs and quotas
a. benefit domestic consumers by lowering prices b. benefit domestic consumers by expanding consumption choices c. are illegal in the United States d. benefit domestic producers e. are policy tools that help bring about free trade
Revenue for state and local governments is mainly sourced from: a. personal income taxes
b. sales and property taxes. c. corporate income taxes. d. license fees.