Exhibit 3 Demand and cost curves for GeneTech, a monopolist with a patented vaccine
Consider Exhibit 9-3. Suppose GeneTech's patent expires and the market for the vaccine becomes perfectly competitive. Which of the following price and quantity combinations would be most likely?
A. $45 per dose and 100 doses per hour
B. $40 per dose and 200 doses per hour
C. $35 per dose and 300 doses per hour
D. $28 per dose and 450 doses per hour
Answer: D
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Suppose the government of South Island fixes the exchange rate of its currency, the Islandia, in terms of the U.S. dollar. Initially the exchange rate is set at $1 per Islandia. In a crisis, the government changes the exchange rate to $0.50 per Islandia. This is an example of a(n):
A. devaluation B. revaluation C. depreciation D. appreciation
Refer to the table above. If the market for notebooks is perfectly competitive, the equilibrium price is:
A) $2. B) $3. C) $4. D) $5.
Refer to Table 14-5. Does Henri have a dominant strategy? If yes, what is it?
A) Yes, Henri's dominant strategy is to not offer free pickup and delivery. B) Yes, Henri's dominant strategy is to offer free pickup and delivery. C) Yes, Henri's dominant strategy is to wait and see what Ming does first. D) No, Henri does not have a dominant strategy - his best outcome depends on what Ming does.
The costs and benefits of mercantilist policies on the colonies produced a ______ to the American colonies
a. small net benefit b. small net cost c. large net cost d. large net benefit