U.S. real GDP per capita in 2010 was _____ as much per person as in 1900.
Fill in the blank(s) with the appropriate word(s).
758%
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Which one of the following statements is a common criticism of the original Bertrand duopoly model?
A) Firms never choose optimal prices as strategic variables. B) Firms would more naturally choose quantities if goods are homogenous. C) The assumption that market share is split evenly between the firms is unrealistic. D) A and B are correct. E) B and C are correct.
Refer to Scenario 10.7. Suppose that the firm chooses to produce 200 ink pads. At this level of output the demand for ink pads is
A) inelastic. B) unit elastic. C) elastic. D) unit elastic.
Continue with the power plant from the previous question, where again coal currently sells for $60 a ton but will sell for either $54 or $66 next month with equal probability. Now suppose coal can be stored for a month at the cost of $2 per ton. How would the new alternative of being able to buy coal at today's prices and store it affect the amount the power plant would be willing to pay for an
option to buy coal next month at today's prices? a. Increase its willingness to pay for the option. b. Decrease its willingness to pay for the option. c. Lead it to never pay for the option. d. No effect. The new alternative of storing would never be chosen since it is worse than simply waiting and buying at next month's uncertain price.
If there is a shortage in the market for jeans,
a. producers' inventories will increase b. the price should begin to rise c. the demand curve will shift to restore equilibrium in the market d. the supply curve will shift to restore equilibrium in the market e. producers expect government to impose a price ceiling