For society as a whole, producing more of one good or service has an opportunity cost because
a. human wants are limited and resources are unlimited
b. both human wants and resources are unlimited
c. resources are limited; human wants are irrelevant
d. human wants are unlimited and resources are limited
e. both human wants and resources are limited
D
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The fact that government has a monopoly on force _____
a. means that government can protect individual rights but is strong enough to violate them b. means that government can protect individuals rights yet is strong enough not to violate them c. means that individuals have secure and well-defined property rights d. means that individuals need not worry about threats from other governments
If resale is easy, then
A) price discrimination won't work, because then only low-priced goods are sold. B) consumers' demand curves will shift to the low-priced good. C) firms will stop providing the good. D) price discrimination results in lower consumer surplus.
A perfectly competitive firm that earns a normal profit in the long run actually earns zero economic profit
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Table 14.5 below to answer the question that follows. Table 14.5B's Strategy ?AdvertiseDon't Advertise??A's profit $200 millionA's profit $400 million?AdvertiseB's profit $200 millionB's profit $100 millionA's Strategy????Don'tA's profit $100 millionA's profit $150 million?AdvertiseB's profit $400 millionB's profit $150 millionRefer to Table 14.5. What is the Nash equilibrium in the game?
A. (Advertise, Don't Advertise) B. (Advertise, Advertise) C. (Don't Advertise, Don't Advertise) D. (Don't Advertise, Advertise)