In a Nash-Cournot equilibrium where firms produce identical products with unequal costs,
A) the firm with lower costs charges a higher price.
B) the firm with higher costs charges a higher price.
C) the firm with lower costs produces more.
D) the firm with higher costs produces more.
C
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Judging by the ongoing changes in tariff rates in major trading countries, the world has been experiencing a great
A) trade liberalization. B) surge of protectionism. C) lack of progress in the trade-policy area. D) move towards regional integration. E) shift from export subsidies to specific tariffs.
The concept of scarcity as used by economists refers to:
a. a situation of excess supply. b. a situation in which the available resources are not enough to satisfy the wants of the people at a zero price. c. a situation in which an item is available only in very small quantities. d. a situation in which an item is very expensive. e. a situation in which a resource is nonrenewable.