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Author Question: If only two identical firms operate in a market, consumers prefer A) a Cournot equilibrium. B) a ... (Read 60 times)

vinney12

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on: Jul 1, 2018
If only two identical firms operate in a market, consumers prefer
 
  A) a Cournot equilibrium.
  B) a Stackelberg equilibrium.
  C) a collusive equilibrium.
  D) any equilibrium since they all result in the same consumer surplus.

Question 2

If a firm pays its workers 10 per hour, the marginal product of labor is 5 units per hour, and the price of the firm's product is 15 per unit, what is the price elasticity of demand facing the firm?
 
  A) -1.15
  B) -2.15
  C) -1.0
  D) -3.56
Microeconomics ¦ Perloff ¦ 8th Edition
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soda0602

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

A


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