As a group, oligopolists earn the highest profit when they
a. achieve a Nash equilibrium.
b. produce a total quantity of output that falls short of the Nash-equilibrium total quantity.
c. produce a total quantity of output that exceeds the Nash-equilibrium total quantity.
d. charge a price that falls short of the Nash-equilibrium price.
b
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P-TV and QRS-TV are trying to decide whether to air a sitcom or a reality show in a given time slot. Viewers like both sitcoms and reality shows, but sitcoms are more expensive to produce than reality shows since real actors need to be hired. QRS-TV makes its decision first, and then P-TV observes that choice before making its decision. Both stations know all of the information in the decision tree below. 
Given the information in this decision tree, if QRS-TV announces that it will air a reality show, it can expect to:
A. earn $10 million. B. lose $5 million. C. earn $20 million. D. earn $5 million.
If the marginal benefit of a hot dog is greater than its marginal cost, then to increase efficiency,
A) more hot dogs should be produced. B) fewer hot dogs should be produced. C) nothing should be done if the marginal benefit is greater than the marginal cost by the maximum amount because in this case the efficient quantity of hot dogs is being produced. D) production should be halted. E) More information is needed about the price of a hot dog in order to determine if production should be increased, decreased, or not changed.
A monopsonist hires labor in a market with perfectly competitive supply. Whenever she hires an additional worker,
a. she must reduce the wage paid to all workers already hired. b. she will not change the wage paid to all workers already hired. c. she must raise the wage paid to all workers already hired. d. she may or may not choose to change the wage paid to all workers already hired.
In 2001, the first year of the Bush administration, Americans learned that recessions were a thing of the past
a. True b. False Indicate whether the statement is true or false