Suppose in the ice-cream market with 10 firms, the elasticity of market demand is -1, and each firm has a constant marginal cost at $2. The Nash-Cournot equilibrium price is

Time lags occur when which of the following questions is asked?

A) Where is the economy now? B) Where is the economy going? C) How long will it take for a correct policy to be implemented? D) All of the above. E) None of the above.

The fact that you may not know who your congressional representative is represents

A) rational ignorance on your part. B) the rival nature of information. C) inefficient oversupply of public servants. D) the use of the median voter theorem.