This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, the original world price is ________ and the amount of the tariff is ________.
A. $100; $30
B. $215; $115
C. $175; $45
D. $100; $130
Answer: A
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Fixed costs are those costs that are
A. unchanging through time. B. independent of the amount of output a firm produces in the short run. C. zero if the firm produces no output in the short run. D. dependent of the amount of output a firm produces in the short run.
Which of the following statements is FALSE?
A) Cartels only form among members of an oligopoly. B) A cartel might form if members believe they can increase profits by coordinating activity. C) Members of a cartel produce less output than that produced in a competitive market. D) Cartel members often have an incentive to cheat.
If two firms playing Cournot are identical with decreasing average costs, how should the firms divide production to maximize joint profits?
What will be an ideal response?
New growth theory supports the idea that I. economic growth can continue as long as we keep finding new ideas. II. increases in human capital can lead to greater rates of economic growth
A) I only B) II only C) Both I and II D) Neither I nor II