What is one reason firms might lobby to prevent entry into their market?
A) The long run equilibrium might be characterized by P = MC = ATC.
B) The long run equilibrium might be characterized by P = MC < ATC.
C) The long run equilibrium might be characterized by P > MC = ATC.
D) The long run equilibrium might be characterized by P = MC > ATC.
D
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Negative externalities and the tragedy of the commons are problems that have a common source. What is this common source?
A) a lack of competition B) self-interest motives of producers and consumers C) a lack of clearly-defined and enforced property rights D) an overabundance of resources
The FE line
A) is horizontal. B) is vertical. C) slopes downward. D) slopes upward.
If ABC and XYZ operate to jointly maximize profits and agree to share the profit equally, then how much profit will each of them earn?
a. $450
b. $250
c. $105
d. $125
Which of the following best characterizes the current U.S. exchange rate policy?
A. A fixed exchange rate B. A crawling pegged exchange rate C. A freely floating exchange rate D. An adjustable pegged exchange rate