A noncooperative game is
A) companies colluding in order to make higher than competitive rates of return.
B) the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry.
C) a game in which firms will not negotiate in any way.
D) when plans made by firms are known as game strategies.
C
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If the marginal cost for Dinky's Donuts to advertise one additional day each week in the local newspaper is $200, then Dinky's Donuts should advertize that additional day
A) until the marginal benefit the company receives reaches zero. B) as long as the marginal benefit the company receives each week is just equal to or greater than $200. C) as long as the weekly marginal cost does not rise. D) only if the marginal benefit the company receives each week is greater than $200 plus an acceptable profit margin.
Suppose the government imposes a $2 per-unit tax on an item whose production creates a negative externality. Suppose the $2 is exactly the value of the external cost. If the government uses the tax revenue to clean up pollution created by this production,
a. an optimal allocation of resources has been achieved b. the market's equilibrium price is an efficient one c. no externalities exist d. there is no market failure e. it is clear that obligatory controls have worked
National income differs from net national product because
a. it includes profits of corporations. b. of a statistical discrepancy. c. it includes transfer payments. d. it excludes depreciation.
Non-fed ground beef is an inferior good. In economic booms, grocery managers should:
A. increase their orders of non-fed ground beef. B. not change their orders of non-fed ground beef. C. reduce their orders of non-fed ground beef. D. neither increase, reduce, nor maintain their current orders for non-fed ground beef.