題目：Suppose there are only two firms supplying in the market and they produce a homogeneous good. Two firms produce the good with the same constant marginal cost. Firms compete by setting price simultaneously . The equilibrium price of both firms must 答案：equal to the marginal cost. ...
題目：Suppose the demand for gourmet coffee can be represented by a linear demand curve. When income rises cause the demand curve for gourmet coffee shift to the right parallelly: 答案：becomes less elastic at the price that prevailed before the change in income
【題目】 Good A and good B are substitutes in production. The demand for good A increases so that the price of good A rises. The increase in the price of good A shifts the 【答案】 supply curve of good B leftward.
【題目】Q：Suppose the demand and supply functions for a certain goods are givenby: QD=10-P QS=P-4 Find the total economic surplus generated at the market equilibrium 【解答】： 9.0
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