In which of the following market structures with two identical firms do both firms produce more than the Cournot outcome?
A) Stackelberg Oligopoly
B) Cartel
C) Perfect Competition
D) None of the above
C
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During recent years, Green Revolution scientists have
a. focused on techniques of organic farming b. focused primarily on developing new strains of wheat and corn c. produced seeds for a greater variety of crops d. engaged in little activity since their funding has been cut off e. focused on political issues of agriculture in developing countries
The equilibrium interest rate is determined by the
a. quantity of capital on the market b. supply and demand for loanable funds c. marginal revenue product of capital d. marginal factor cost of capital e. willingness of suppliers of capital to convert that supply into loanable funds
If demand decreases and the price doesn't change, there will be
A. a surplus. B. neither a shortage nor a surplus. C. both a shortage and a surplus. D. a shortage.
The price of water affects the value people will place on water because
What will be an ideal response?