A perfectly competitive market is in equilibrium and 50,000 units are being produced. If four firms take over this market and a Cournot oligopoly is formed, what is the new total equilibrium quantity produced?
A) 50,000 B) 60,000 C) 62,500 D) 40,000
D) 40,000
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Figure 3-1
Which of the following is true regarding the market for steak shown in ?
a.
If the price of steak were $2 per pound, producers would want to supply less steak than consumers would want to buy.
b.
If the price of steak were $4 per pound, producers would want to supply more steak than consumers would want to buy.
c.
If the price of steak were $3 per pound, producers would want to supply the same amount of steak that consumers would want to buy.
d.
All of the above are true regarding the market for steak shown in the figure.
Which of the following statements is TRUE about the role of gifts given to U.S. citizens from foreign residents?
A) Gifts are not included in the balance of payments because of the nature of the gift. B) Gifts are only included in the balance of payments if the gift is given to a government official. C) Gifts are included in the balance of payments. D) Gifts given to U.S. citizens are not included in the balance of payments but gifts given to foreigners are included.