The more firms there are in an oligopoly in which the strategic firm variable is quantity, the more price converges to marginal cost.
Answer the following statement true (T) or false (F)
True
Rationale: In the Cournot model, price slowly moves toward the competitive outcome of p=MC as the oligopoly gets large.
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Real GDP grows when
I. the quantities of the factors of production grow. II. persistent advances in technology make factors of production increasingly productive. III. human capital grows. A) only I B) both I and III C) only II D) I, II, and III
Even though insignificant explanatory variables can raise the adjusted R2 of a demand function, one should not interpret their effects on the regression when
a. testing marketing hypotheses about the determinants of demand b. analyzing inventory relative to capacity requirements c. forecasting unit sales for operations planning d. sales revenue reaches its peak e. planning for capital budgets
Answer the following statement(s) true (T) or false (F)
1. Under the Superfund Act, the EPA has the authority to require those responsible for a hazardous substance release, known as potentially responsible parties (PRPs), to correct the problem and pay for damages. 2. Lack of good information was among the issues facing the United States as it began to address the hazardous waste site problem in the nation. 3. The feedstock taxes to finance Superfund were devised mainly to act as a market incentive to improve the environment. 4. According to the textbook application, General Electric is dredging the Hudson River because it illegally released tons of pesticides into the river, starting in 1940. 5. To establish legal responsibility under the Superfund Act, courts use strict liability as well as joint and several liability.
An American traveling to Europe will find it easier to make purchases now because:
A. many of the countries in Europe now use the same currency, the euro. B. all of the countries in Europe now use the same currency, the euro. C. most countries in Europe accept U.S. dollars. D. most of the countries of Europe have adopted the British pounds as the standard currency.