If you got a new job and moved to Dale, Indiana (population 1,500), you would expect to find two grocery stores. The market form is
A. oligopoly.
B. monopoly.
C. monopolistic competition.
D. perfect competition.
Answer: A
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If a strategy is a best response, then
A) it will never be played. B) it will never be part of a Nash equilibrium. C) A and B are correct. D) it could be part of a Nash equilibrium.
Unlike indifference curves, isoquants can intersect
Indicate whether the statement is true or false
At prices above a consumer’s reservation price:
A. the opportunity cost is less than the benefit from having the good. B. the opportunity cost is greater than the benefit from having the good. C. the buyer will purchase the good. D. the willingness to pay is greater than the price.
Suppose the United States decides to impose a $1,000 tax on every Japanese minivan sold in the United States. This is an example of:
A. a tariff. B. free trade. C. comparative advantage. D. a quota.