If an oligopolistic game is repeatedly played, which of the following can occur?
A) Players can learn ways to cooperate and earn an economic profit.
B) The competitive price and output consistently is the final result.
C) Firms can learn how to cheat more effectively on the other player.
D) One firm will be driven out of business.
E) An implicit agreement is reached in which one firm constantly cheats on the cartel and the other firm complies with it.
A
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Which of the following statements is true?
A) Using fewer observations will strengthen the force of an empirical argument. B) The number of observations used does not affect the strength of an empirical argument. C) Empirical arguments can be supported without the use of data. D) Using a large data set will strengthen the force of an empirical argument
If movie theatres decided to increase the price for the movie tickets, holding other factors constant, what would happen to the demand for popcorn in the theatres? a. the demand for popcorn would shift to the left because popcorn and movies are substitute goods
b. the demand for popcorn would shift to the left because popcorn and movies are complementary goods. c. the demand for popcorn would shift to the right because popcorn and movies are substitute goods. d. the demand for popcorn would shift to the right because popcorn and movies are complementary goods.
Assuming the firm in the graph is producing Q1 and charging P3, it is likely showing the cost and revenue curves of a firm in:
These are the cost and revenue curves associated with a firm.
A. the short run, and firms will enter this market.
B. the long run, and firms will enter this market.
C. the short run, and firms will leave this market.
D. the long run, and no firms will enter or exit.
Which of the following would an economist classify as capital?
a. 100 shares of Microsoft stock. b. $50 bill. c. credit card. d. lawyer's personal computer.