A gas tax holiday would
A. affect the market for gasoline.
B. affect the level of congestion on roads.
C. affect the market for air travel.
D. All of the above are correct.
Answer: D
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A and B form a coalition and share the value of the payoffs it produces. Their coalition is individually rational if:
a. the core is blocked. b. individual payoffs exceed the respective values produced by A and B. c. payoffs to both are equal to their respective values. d. the core is empty.
Suppose that Firms A and B each produce high-resolution computer monitors, but Firm A can do so at a lower cost. Cassie and David each want to purchase a high-resolution computer monitor, but David is willing to pay more than Cassie. Which of the following market outcomes is efficient?
a. Firm A produces a monitor that Cassie buys. David does not purchase a monitor. b. Firm A produces a monitor that David buys. c. Firm B produces a monitor that Cassie buys. David does not purchase a monitor. d. Firm B produces a monitor that David buys.