Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is the market price in the Nash equilibrium?
A. $80
B. $86.67
C. $100
D. $93.34
B. $86.67
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Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
Suppose Quick Buck and Pushy Sales decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Quick Buck cheats by reducing its price to $1 while Pushy Sales continues to comply with the collusive agreement, then Quick Buck will sell ________ units and Pushy Sales will sell ________ units.
A. 3,000; 1,000 B. 0; 3,000 C. 2,000; 1,000 D. 3,000; 0
The table above shows Mary's utility from chips and soda. The table shows that Mary has diminishing marginal utility for
A) both chips and soda. B) neither chips nor soda. C) soda, but not chips. D) chips, but not soda.
What type of business is most likely to be run as a family business?
a. multinational b. corporation c. partnership d. mutual fund e. sole proprietorship
Which of the following will not produce an outward shift of the production possibilities curve?
A. An upgrading of the quality of a nation's human resources. B. The reduction of unemployment. C. An increase in the quantity of a society's labor force. D. The improvement of a society's technological knowledge.