Improvements in output per worker
A. Depend only on increases in the quality of capital equipment.
B. Depend only on increases in the quantity of capital equipment.
C. Depend in large part on increases in the quality of capital equipment and the quantity of capital equipment per worker.
D. Do not depend on increases in the quantity of capital equipment or the quality of capital equipment.
Answer: C
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Suppose a monopolist and a perfectly competitive firm have the same cost curves. The monopolistic firm would:
a. charge a lower price than the perfectly competitive firm. b. charge a higher price than the perfectly competitive firm. c. charge the same price as the perfectly competitive firm. d. refuse to operate in the short run unless an economic profit could be made. e. refuse to operate in the short run if an economic loss was present.
It is relatively easy for a firm to enter a perfectly competitive market
a. True b. False Indicate whether the statement is true or false
When market conditions in a price-taker market are such that firms cannot cover their production costs,
a. the firms will suffer long-run economic losses. b. the firms will suffer short-run economic losses that will be exactly offset by long-run economic profits. c. some firms will go out of business, causing prices to rise until the remaining firms can cover their production costs. d. all firms will go out of business, since consumers will not pay prices that enable firms to cover their production costs.
The tit-for-tat strategy:
A. makes cooperation unlikely. B. is not possible in single-round games. C. is not effective in repeated games. D. All of these statements are true.