One of the main tools economists use to analyze strategic behavior is
A) the Herfindahl-Hirschman Index.
B) game theory.
C) cartel theory.
D) the collusion index.
E) dual theory, which is used to study duopolies.
B
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Marginal social costs are the sum of marginal private costs and incidental costs.
Answer the following statement true (T) or false (F)
A system of allocating scarce goods and services using some criteria other than price:
a. rationing b. price floor c. excess demand d. surplus e. equilibrium
Refer to the below graph. Given the total product curve shown and assuming a competitive labor market, if a firm can sell widgets for $12, then what is the maximum amount it will pay the fourth worker each day?
A. $24
B. $48
C. $61
D. $732
An IOU reflecting the corporation's promise to pay the holder a fixed sum of money at a designated maturity date plus an annual interest payment until maturity is
a. a bond b. a stock certificate c. a prospectus d. a golden parachute e. an underwriting note