A factor of production with unique attributes is able to command a scarcity rent determined by market demand
Indicate whether the statement is true or false
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One of the major benefits to society of monopolistic competition is
A) high prices. B) restricted output. C) product differentiation. D) the excess capacity. E) the marku
Consider the same ultimatum game as in the previous questions but consider yet new preferences reflecting envy. In particular, now assume players get 1 util per dollar earned. That is all for the player who earns at least as much as the other. The player who earns strictly less than the other loses 1 util for each dollar difference. Which of the following is an offer that arises in a
subgame-perfect equilibrium with these preferences? a. 1. b. 2. c. 4. d. 5.
Which of the following was an effect of the affordable housing law in the cities Palo Alto, Laguna Beach, and Irvine?
a. It imposed a per-unit tax on builders of mid-range houses. b. The law had a significant impact on the mid-range houses. c. It imposed a per-unit tax on builders of expensive new houses. d. The law had a significant impact on the supply of mid-range houses.
Suppose the long-run supply curve for a good is upward-sloping. The upward slope could be explained by
a. decreases in production costs resulting from more firms coming into the market. b. a breakdown of the "free entry and exit" feature of competition. c. a breakdown of the "price taking" feature of competition. d. the fact that a resource used in the production of the good is available only in limited quantities.