AP (Advanced Placement) Macroeconomics: Questions 530 - 533 of 750

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Question 530

Question

MCQ▾

What is the equilibrium price in a Bertrand competition?

Choices

Choice (5)Response

a.

b.

c.

d.

All of the above

e.

None of the above

Question 531

Question

MCQ▾

Which of following conditions need to be met for Arrow՚s impossibility theorem?

Choices

Choice (5)Response

a.

Preferences between x and y does not consider ranking of alternatives

b.

Individual and social preferences are complete, reflexive and transitive

c.

If everyone prefers x over y, then social preference should rank x over y

d.

All a., b. and c. are correct

e.

None of the above

Question 532

Question

MCQ▾

Say՚s law states the following

Choices

Choice (5)Response

a.

Demand creates own supply

b.

Demand and supply forces are relatively more elastic in the long run

c.

Production generates an equal amount of income and hence spending

d.

Consumption is primarily dependent on permanent income

e.

None of the above

Question 533

Question

Assertion-Reason▾

Assertion(Ꭺ)

Nash equilibrium is a generalisation of the Cournot equilibrium

Reason(Ꭱ)

Optimal choice of A for all choices of B is determined at the Nash equilibrium

Choices

Choice (5)Response

a.

Both Ꭺ and Ꭱ are true and Ꭱ is the correct explanation of Ꭺ

b.

Both Ꭺ and Ꭱ are true but Ꭱ is NOT the correct explanation of Ꭺ

c.

Ꭺ is true but Ꭱ is false

d.

Ꭺ is false but Ꭱ is true

e.

Both Ꭺ and Ꭱ are false

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