Ceteris paribus is Latin for
A. all is lost.
B. equilibrium is optimal.
C. holding all other things constant.
D. at equilibrium.
Answer: C
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Refer to Cournot Problem. Each firm will produce.
Consider a Cournot oligopoly with two identical firms. These firms each have constant marginal costs of $10. The market for these firms’ product has demand Q = 100 - P. a. 22.5 units b. 30 units. c. 45 units. d. 90 units.
The government collects tax revenues of $100 million and has $105 million in outlays. The budget balance is a
A) deficit of $5 million. B) surplus of $5 million. C) surplus of $100 million and a deficit of $105 million. D) deficit of $105 million. E) surplus of $105 million.
Which of the following is characteristic of a monopolistic competitor?
a. a standardized product b. the ability to influence price c. allocative efficiency d. a horizontal firm demand curve
In the long run, fixed costs are
A) sunk. B) avoidable. C) larger than in the short run. D) not included in production decisions.