The demand for microwaves in a certain country is given by: D = 8,000 - 30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then the tariff revenue collected by the government will be ________.

Which of the following best describes a Nash equilibrium?

A. An outcome from which one or both competitors can improve their position by adopting an alternative strategy. B. The unstable outcome of a repeated game. C. An outcome that is stable only because of credible threats. D. An outcome that both competitors see as optimal, given the strategy of their rival.

For a firm in a perfectly competitive labor market

A) W > MFC. B) W < MFC. C) W > MRP. D) W = MFC.