Refer to the information provided in Figure 8.4 below to answer the question(s) that follow. 
Figure 8.4 Refer to Figure 8.4. If six microwave ovens are produced, Micro Oven's total variable costs are
A. $100.
B. $150.
C. $300.
D. $600.
Answer: C
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What is a Nash equilibrium? Is this equilibrium necessarily the best outcome for the players? Give an example
What will be an ideal response?
New Texas stadium was built with so that the team could sell "standing room only" tickets. People who buy these tickets can watch the game on televisions located around the facility or on catwalks that surround the stadium. Policing those fans (making sure they do not stand in the way of people who have seats) is costly. In that case, the MC curve would be
A. upward sloping. B. a backward L. C. downward sloping. D. a forward L.
Draw in a new supply curve, S1, on figure, showing an increase in supply. What happens to price and quantity?
When negative externalities are present in a market
a. private costs will be greater than social costs. b. social costs will be greater than private costs. c. only government regulation will solve the problem. d. the market will not be able to reach any equilibrium.