Which of the following is a correct characterization of socialism?
A. Tradition answers the basic economic questions.
B. Markets are used exclusively to answer the basic economic questions.
C. Central planning is seldom used to answer the basic economic questions.
D. Government ownership of many resources and centralized decision-making answers the basic economic questions.
Answer: D
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In sophisticated analysis of rent differences
a. quality of land is assumed away. b. quality of land is recognized and considered. c. rates of return are assumed away. d. returns on land and capital are assumed to be similar.
If firms in an oligopoly agree to produce according to the monopoly outcome, they will produce the same level of output as they would produce in a Nash equilibrium
a. True b. False Indicate whether the statement is true or false