Refer to Cournot Problem. In the Nash Equilibrium, each firm will receive producer surplus of
a. $300
b. $450
c. $600
d. $900
d. $900
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A theory of regulatory behavior, which states that regulators must take into account the preferences of legislators, producers, and consumers, is the
A) capture theory. B) share-the-gains, share-the-pains theory. C) public interest theory. D) general interests theory.
In the classical model, the aggregate supply curve
A) is not related to the employment rate. B) is horizontal. C) is positively sloped. D) is consistent with the natural rate of unemployment.
A firm sells 30 units of its product at a price of $5 per unit. It incurs a fixed cost of $100 and a variable cost of $20. The firm's profit is:
A) $30. B) $50. C) $100. D) $150.
The average number of times that a dollar is spent in buying the total amount of final goods and services produced during a given time period is known as
A) gross national product. B) the spending multiplier. C) the money multiplier. D) velocity.