A market in which a small number of strategically interdependent firms produce the dominant share of output is called
a. perfect competition
b. a monopoly
c. monopolistic competition
d. regulated
e. an oligopoly
E
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The above figure shows the domestic market for tomatoes. Suppose this market is isolated from global competition and there is a support price set at $16. In this figure, what area equals the deadweight loss?
A) area B + area C + area D + area F B) area E C) area C + area D + area E + area G D) area A E) area F
Economists generally prefer to deal with emissions of pollutants
a. with direct controls. b. by encouraging people not to pollute. c. by subsidizing the installation of pollution-control equipment. d. by taxing emissions.
Consider the following payoff matrix facing Harry and Sally when each chooses to go to the coffee shop listed. Harry wants to avoid Sally at the coffee shop and is not happy when Sally ends up in the same shop he chooses. Sally would like to see Harry, and so she is not happy when Harry ends up in a different coffee shop. Harry StarbucksDunkin DonutsSally StarbucksH: ?1, S: 1H: 1, S: ?1 Dunkin DonutsH: 1, S: ?1H: ?1, S: 1Given this payoff:
A. both Harry and Sally have dominant strategies. B. Sally has a dominant strategy but Harry does not. C. Harry has a dominant strategy but Sally does not. D. neither Harry nor Sally has a dominant strategy.
________: the sum of all individual categories of production costs that do vary with the level of production
Fill in the blank(s) with correct word