If the quantity supplied is exactly the same regardless of the price, supply is
perfectly inelastic.
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Refer to Figure 2.1. If you choose to produce only agricultural products, what is the maximum quantity you can produce per year?
A) 200 tons B) 400 tons C) 600 tons D) > 600 tons
The darkened area in the figure above is the
A) deadweight loss. B) firm's economic loss. C) consumer surplus. D) firm's total cost. E) firm's total revenue.
In the real business cycle model, fluctuations in employment are explained by ________
A) changes in the composition of household assets B) intertemporal substitution as real wages and real interest rates changes C) changes in the marginal propensity to consume D) the impact of a change in price on quantity demand and quantity supplied in goods markets
All of the following are true for sequential games except which one?
A) Backward induction can be used to determine the Nash equilibrium of sequential games. B) Forward induction can be used to determine the Nash equilibrium of sequential games. C) A classic example of a sequential game is an entry game. D) Sequential games are illustrated as game trees.