Refer to the table below. If this market is a Cournot Oligopoly and Firm X is produces 50 units, what is Firm Y's demand at a price of $60?
The table above shows the market demand for a product that both Firm X and Firm Y manufacture. Both firms produce an identical product and the firms' average total and marginal cost are equal and constant.
A) 150 B) 100 C) 200 D) 50
A) 150
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Refer to Figure 18-9 to answer the following questions
a. Did the distribution of income become more equal in 2016 that it was in 2015, or did it become less equal? Explain. b. If area A = 1,600, area B = 200, and area C = 3,200, calculate the Gini coefficient for 2015 and the Gini coefficient for 2016.
If demand is price elastic, then when price decreases, total revenue:
a. decreases. b. increases. c. does not change. d. is less than one. e. is negative.
If consumers' buying decisions are not very sensitive to changes in price, then their demand is:
A. less elastic. B. perfectly inelastic. C. unit elastic. D. more elastic.
Comparing a uniform abatement policy, pollution tax and a command-and-control policy, which one is the most efficient approach in dealing with pollution?
A. pollution tax B. uniform abatement C. command-and-control D. All of these are equally efficient.