What is a factory building an example of?
a) human capital
b) physical capital
c) an economic trade-off
d) technology
Ans: b) physical capital
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In a static game, firms
A) compete multiple times until there is a winner. B) compete only once. C) must have complete information. D) act sequentially.
Which of the following is an example of asymmetric information?
a. A student adopting unfair means to complete his/her assignment. b. A commodity trader buying goods at a low price and selling them off at a high price. c. A builder selling houses built on property that is zoned for industrial use. d. A buyer paying a pre-contracted price which is lower than the current market price.
Recall the Application about the merger of Sirius Satellite Radio and XM Satellite Radio to answer the following question(s).Recall the Application. After the merger of Sirius Satellite Radio and XM Satellite Radio, the new firm, Sirius XM, would be classified as a:
A. natural monopoly. B. monopoly, but not a natural monopoly. C. public utility. D. duopoly.
Picture a competitive market with the usual upsloping supply curve and downsloping demand curve. If the current price is creating a shortage, then market forces will cause the price to adjust and:
A. Quantity supplied will increase B. Quantity supplied will decrease C. Quantity demanded will increase D. Demand will decrease