If the government set a price at $16, there would be price __________, that would cause a ___________ of ______ units.
A. floor; shortage; 10
B. floor; surplus; 10
C. ceiling; shortage; 10
D. ceiling; surplus; 10
C. ceiling; shortage; 10
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Relative to the Nash equilibrium in the Cournot model, the Nash equilibrium in the Bertrand model with homogeneous products
A) results in the same output but a higher price. B) results in the same output but a lower price. C) results in a larger output at a lower price. D) results in a smaller output at a higher price. E) any of the above may result.
In the decade immediately following emancipation, former slaves
a. were willing to work under the gang system in return for wages and benefits. b. decreased their labor supply. c. obtained ownership of roughly 40 percent of southern farms. d. moved to northern states in large numbers.
With the passage of time as the availability of an exhaustible resource declines, the cost of extraction of the resource increases
a. True b. False Indicate whether the statement is true or false
The balance of trade is derived by subtracting merchandise imports from merchandise exports
Indicate whether the statement is true or false