Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, what is the market quantity supplied at a price of $2?

According to this Application, economist Daron Acemoglu categorizes which of the following as authoritarian institutions?

A) democracies, monarchies, and dictatorships B) monarchies, dictatorships, and tightly controlled oligarchies C) constitutionally limited monarchies and democracies D) tightly controlled oligarchies, democracies, and constitutionally limited monarchies

Refer to the scenario above. Which of the following is likely to be true in this case?

A) A unique Nash equilibrium will occur. B) A socially inefficient equilibrium will occur. C) Multiple equilibria will occur. D) A dominant strategy equilibrium will occur.