Refer to the above table. What is the marginal utility for the 10th unit for Michael and for Rosie?
A. Michael: 10; Rosie: 10
B. Michael: -10; Rosie: 10
C. Michael: 15; Rosie: 20
D. Michael: 50; Rosie: 50
Answer: B
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When a firm engages in perfect price discrimination,
a. marginal revenue is equal to price b. marginal revenue is below price c. marginal revenue is below marginal cost d. profits are reduced relative to a single-price monopolist e. rent-seeking behavior must occur
As a general rule, free trade:
A. decreases the demand for factors of production that are domestically abundant. B. increases demand for factors of production that are domestically abundant. C. decreases the supply of factors of production that are domestically scarce. D. increases the supply of factors of production that are domestically abundant.
In a duopoly, if advertising only take customers from rivals rather than attracting new customers, then
A) the Nash equilibrium maximizes the joint payoff B) firms must collude to maximize the joint payoff C) the Nash equilibrium is that neither firm advertises D) there is no dominant strategy
In comparing monetarism and rational expectations theory, we find that:
A. both favor policy rules and for the same reasons. B. both favor policy rules, but for different reasons. C. both favor discretionary policies. D. the former favors discretionary policy, while the latter favors policy rules.