Describe the Cournot model
What will be an ideal response?
The Cournot model is a model of a two-firm industry (duopoly) in which a series of output-adjustment decisions leads to a final level of output between the output that would prevail if the market were organized competitively and the output that would be set by a monopoly.
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A physician who laid off her nurse and receptionist and performed their tasks herself would probably
A) decrease her accounting profit but increase her economic profit. B) decrease her profit from the economist's point of view even if she increased her accounting profit. C) increase both her accounting and economic profit if her practice was a busy one. D) wind up with lower labor costs unless the layoff greatly increased the demand for her professional services. E) work more efficiently in order to get everything done.
The Lorenz curve would be a diagonal line if income were distributed equally.
Answer the following statement true (T) or false (F)