Suppose that the marginal cost of producing cottonseed meal is $170 per ton. If the cottonseed oil industry is perfectly competitive and in long-run equilibrium, the average total cost of producing cottonseed oil:
A. is equal to $170 per ton.
B. is greater than $170 per ton.
C. is less than $170 per ton.
D. cannot be determined.
Answer: A
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The market for bagels contains two firms: BagelWorld (BW) and Bagels'R'Us (BRU). The owners of the two firms decide to fix the price of bagels. The table below shows how each firm's profit (in dollars) depends on whether they abide by the agreement or cheat on the agreement. 
In the Nash equilibrium of this game:
A. both firms cheat on the agreement B. Bagel World cheats and Bagels 'R' Us abides C. Bagel World abides and Bagels 'R' Us cheats D. both firms abide by the agreement
Suppose the annual growth rate of GDP in Nepal is 5 percent. In 35 years, GDP in Nepal will double
A) 1.75 times. B) 2.5 times. C) 7 times. D) 24.5 times.
Government regulations to reduce the possibility of financial panic include all of the following EXCEPT
A) transactions costs. B) restrictions on assets and activities. C) disclosure. D) deposit insurance.
The high period of immigration in the first half of the 19th century was caused by
a. the Irish potato famine. b. political unrest in Europe. c. political unrest in China. d. Only a and b are correct. e. None of the above are correct.