Refer to the accompanying figure to answer the following questions. At the market equilibrium, price is equal to ________ units of the good are produced.

Priming effects

According to the Coase theorem, negative externalities can be internalized if

Refer to the accompanying figure to answer the following questions. The figure best illustrates what type of market?

If the price of Pepsi-Cola increases from 50 cents to 60 cents per can and the quantity demanded decreases from 100 cans to 50 cans, then the demand for Pepsi-Cola is

If monopolistically competitive firms are making positive economic profits, firms would:

The following payoff matrix depicts the possible outcomes for two players involved in a game of Ping-Pong. At this point in the game, the ball has just been hit to Dagny Taggart, and she chooses whether to hit right or hit left. At the same time, John Galt chooses whether to defend right (Dagny’s right) or defend left (Dagny’s left). If a player receives a payoff of 1, the player wins the point; if the player receives a payoff of –1, the player loses the point. Use this information to answer the following questions: Dagny’s optimal strategy is to ________, and John’s optimal strategy is to ________.

In the market for gasoline, if both producers and consumers expected that the price of gas was going to double in six months, what would economists expect to happen in the market for gasoline, ceteris paribus? 

The following table shows a small community’s demand for monthly subscriptions to a streaming movie service. Assume that only two firms (Nextflix and Flixbuster) sell in this market, that each firm offers the same quality of service and movie selection, and that each firm’s marginal cost is constant and equal to 0 (zero) due to excess capacity. Use this information to answer the following questions:Price/Month (P)Number of Customers (Q)Total Revenue/Month (TR)$10      0     $0  9  100   900  8  2001,600  7  3002,100  6  4002,400  5  5002,500  4  6002,400  3  7002,100  2  8001,600  1  900   900  01,000      0 If this market were a monopoly instead of a duopoly, the market price would be ________ and the quantity of streaming movie subscriptions purchased each month would be ________.

The fact that workers must share a limited amount of space and equipment results in ________ marginal productivity.