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If the absolute Values of the MRS between goods 1 and 2 is always strictly greater than the MRT, then
the household does not consume good 2
The cost function of a firm
gives the minimum cost required for the production of a given level of output for a given production technology and given factor inputs
Profit maximising firm under perfect competition. What is true?
The firms demand curve is perfectly elastic.
Which of the following is not a measure to correct for the negative externalities of a good X?
Subsidy on X
If a per unit tax is imposed on a producer of a good, then the tax shifts the producers
marginal cost curve upwards
When both players in a game have a strictly dominant strategy, then
a unique Nash equilibrium in pure strategies exist
On the market of an ordinary good, with a positive network externality of demand, a price increase results in
a decrease of demand that is stronger than without the externality
What would hold for consumer surplus, monopoly profit and total welfare in monopoly equilibrium, if perfect price discrimination would be possible?
Consumer surplus would be lower and monopoly and total welfare would be higher
A public good
can be consumed by several individuals at the same time and to the same extent
For given production technology and factor prices, the cost function of a firm describes
the minimum cost required for the production of a given level of output
As long as the firms marginal cost are below its average cost, in the short run
an increase in production always increases profit
A rational decision maker
Can be indifferent between two alternatives
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