Refer to above figure, which represents a duopoly industry. What would be the likely total industry payoff or profit?
A. zero
B. $14 million
C. $8 million
D. $9 million
E. $10 million
Answer: C
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Which of the following is true of the short-run aggregate supply curve?
a. It shows the relation between the inflation rate and the quantity of aggregate output firms supply, other things constant. b. It shows the relation between the price of labor and the aggregate quantity of labor workers supply, other things constant. c. It shows the relation between the interest rate and the quantity of capital goods firms supply, other things constant. d. It shows the relation between the price level and the quantity of aggregate output firms supply, other things constant. e. It shows an inverse relationship between the price level and real GDP.
In a monopolistically competitive market,
a. entry by new firms is impeded by barriers to entry; thus, the number of firms in the market is never ideal. b. entry by new firms is impeded by barriers to entry, but the number of firms in the market is nevertheless always ideal. c. free entry ensures that the number of firms in the market is ideal. d. there may be too few or too many firms in the market, despite free entry.
Economists at the Congressional Budget Office estimated that for 2015, the U.S. natural rate of unemployment was
a. 2.8% b. 3,.6% c. 4.9% d. 6.2%
U.S. sugar quotas cost each person in the U.S. thousands of dollars per year due to higher prices
Indicate whether the statement is true or false