The difference between revenues and expenditures for inputs is known as
A. profits.
B. debits.
C. cash flow.
D. net revenue.
C. cash flow.
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If two firms in an oligopoly produce undifferentiated products and face identical constant marginal costs, then, absent any implicit or explicit collusion, they will price at marginal cost regardless of whether they move sequentially or simultaneously -- assuming price is the strategic variable.
Answer the following statement true (T) or false (F)
Shelly purchases a leather purse for $400. One can infer that:
A. her reservation price was exactly $400. B. she paid too much. C. her reservation price was less than $400. D. her reservation price was at least $400.
Assume a central bank follows a rule that requires it to take steps to keep the price level constant. If the price level fell because of a decrease in aggregate demand and an increase in aggregate supply that kept output unchanged, then
a. the central bank would have to raise interest rates which would decrease output. b. the central bank would have to raise interest rates which would increase output. c. the central bank would have to reduce interest rates which would decrease output. d. the central bank would have to reduce interest rates which would increase output.
When a good is both rivalrous and nonexcludable the:
A. good is likely an artificially scarce good. B. good is likely a private good. C. free rider problem may arise. D. tragedy of the commons may arise.