Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30
B. exactly 60
C. fewer than 30
D. more than 30
Answer: C
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When the average product is decreasing, marginal product
A) equals average product. B) is increasing. C) exceeds average product. D) is decreasing. E) is less than average product.
For players in a repeated-play game to achieve cooperation:
A. the players must reach an explicit agreement to cooperate. B. the players need not explicitly state an agreement to cooperate, but must publicly display a commitment strategy. C. there is no need to enter into public commitment strategies or explicit agreements. D. there is no need for players to collude.
Which of the following best reflects a network externality?
a. Price of a good affecting a purchase decision b. Number of other people purchasing the good influencing the quantity demanded. c. Proven quality of a product influencing the quantity demanded. d. Price of a related good affecting a purchase decision.
Monopolies that exist because economies of scale create a barrier to entry are called:
A. government monopolies. B. natural monopolies. C. normal monopolies. D. price-discriminating monopolies.