For a firm in monopolistic competition, the efficient scale is the amount of output at which ________ is a minimum
A) fixed cost
B) average total cost
C) average variable cost
D) average fixed cost
E) marginal cost
B
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In a duopoly game we observe the following payouts: if the two firms collude they will each earn $50,000. If one firm cheats then he earns $60,000 and the other firm earns -$10,000. If both firms cheat then they each earn zero economic profit
In this game what is the Nash equilibrium? A) Both firms cheat. B) Only one firm will cheat. C) Neither firm will cheat. D) It is impossible to say.
The outcome of the state of nature effects the payoff to the agent under a
A) fixed-fee contract. B) hire contract. C) contingent contract. D) All of the above.
The payments made to the beneficiaries of the Social Security program are financed by
a. insurance premiums previously paid into the system by the beneficiaries. b. current receipts derived from the Social Security payroll tax. c. income derived from funds that were previously invested in stocks and bonds. d. governmental savings accounts based on the amount of funds the recipient previously paid into the system.
If the deficit is 0.1 times GDP, the existing debt-GDP ratio is 0.5, and the growth rate of nominal GDP is 0.04, then the change in the debt-GDP ratio is
A. +0.08 B. 0. C. -0.075. D. +0.075.