In a particular town, Comvision and Veriview are the only two providers of cable TV service. Comvision and Veriview constitute a
a. duopoly, whether they collude or not.
b. cartel, whether they collude or not.
c. Nash industry, whether they collude or not.
d. monopolistically competitive market if they charge the same price.
a
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Use the figure below to answer the following question.
What is the amount of total surplus without the excise tax?
A. $100 B. $32 C. $4 D. $80
In the above figure, if the market price rises from $100 to $125 per ton of wheat, then producer surplus
A) decreases. B) does not change. C) increases. D) might increase, decrease, or not change depending on how the demand curve for wheat shifts.
The intuition behind the slope of the LM curve is that
a. as the interest rate increases, the money supply increases and income increases. b. as the interest rate increases, investment and income decreases. c. as income increases, money demand increases which increases interest rates. d. as income increases, money demand decreases which decreases interest rates. e. none of the above.
A price ceiling of $8 placed on the market in the graph shown:
A. is non-binding, and does not affect the market.
B. is binding, and causes a shortage.
C. is binding, and causes a surplus.
D. is non-binding, and does not prevent the market from reaching equilibrium.