Under what assumptions will the long-run supply curve for the widget industry be perfectly elastic (i.e. perfectly flat)?. (i) The same technology is available to all firms. (ii) One firm has a patent on a technology that is superior to what other firms have access to. (iii) There is a legal limit on the number of firms that can be in the industry. (iv) There are no barriers to entry in the industry. (v) Input prices do not change as the industry expands

A monopolist faces the market environment illustrated below. Use the following graph to answer questions 34 – 37.

Relative to autarky, free trade results in a change in Econland domestic consumer surplus equal to

Sonya consumes soda and fish nuggets. In the graph below, you can find the graphical representation of Sonya’s indifference curves as well as three different budget constraints. It is your job to identify which budget constraint(s) to use in each question. Use this information to answer questions 32-33

The above graph illustrates the supply and demand for widgets in Econland, where instead Widgets can be obtained in world markets at a price PWorld = R as illustrated.  Suppose initially Econland is in autarky.  Then it opens to free trade with the rest of the world.

Relative to the free market equilibrium, the socially optimal policy changes the surplus attributable to the externality by

PLEASE SCAN YOUR ONE BLANK 8 X 11 PAPER BEFORE YOU START THE EXAM, USING YOUR WEBCAM. Note: The questions on this Exam are randomized, so don’t try sharing your questions or answers with other students, you will get caught.

Public goods and common resources are both ___ goods and the difference is that public goods are ___ goods and common resources are _____ goods.

What is the dominant strategy for the Player 2?

You are supervising a BCaBA candidate Amar. During a recent supervision session in the client’s home, you notice he is consistently checking his phone. Despite this performance concern,  you also notice that he has a great rapport with the client and family and implements the treatment protocol with high fidelity when he is not checking his phone. What would be the best course of action as his BCBA supervisor?