The Lerner Index is
A) the ratio of the difference between price and marginal cost to price.
B) equal to (Price - MC)/Price.
C) a measure of market power.
D) All of the above.
D
Economics
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A condition in a market where quantity demanded equals quantity supplied is called
A) a shortage. B) a surplus. C) market equilibrium. D) All of the above are possible correct answers.
Economics
In a non-cooperative, imperfect information, simultaneous-choice, one-period game, a Nash equilibrium
A) will never exist. B) will always include dominant strategies. C) will always result in both players taking the same action. D) may not maximize the sum of the firms' profits.
Economics