Compared to the United States, minimum wages are ________ and unemployment benefits ________ in Western Europe.
A. lower; less generous
B. higher; less generous
C. higher; more generous
D. lower; more generous
Answer: A
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Suppose two Bertrand price competitors have different constant marginal costs. In any simultaneous move Nash equilibrium, only the lower cost firm will produce.
Answer the following statement true (T) or false (F)
The financial intermediaries that the average person interacts with most frequently are
A) exchanges. B) over-the-counter markets. C) finance companies. D) banks.
A profit-maximizing monopolist
A. engages in more research and development activity than a perfectly competitive firm. B. produces the output level where P = MC. C. produces less output than a perfectly competitive industry. D. produces at the unit elastic point on the market demand curve.
Fast food chains often behave like
A. cartels. B. covert colluders. C. open colluders. D. cutthroat competitors.