Refer to Figure 2-6. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?
A) 26 thousand forks B) 20 thousand spoons
C) 46 thousand forks D) 40 thousand spoons
B
Economics
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Market power is illegal
A) True, no one is allowed to charge a price greater than marginal cost. B) False. C) True, no one is allowed to charge a price greater than average cost. D) False, because market power guarantees price equal to average cost.
Economics
Suppose Firm A and Firm B are considering whether to invest in a new production technology. For each firm, the payoff to investing (given in thousands of dollars per day) depends upon whether the other firm invests, as shown in the payoff matrix below. 
Is this game a prisoner's dilemma?
A. No. B. Yes. C. It cannot be determined. D. Only when both Firm A and Firm B invest.
Economics