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Joe is addicted to Taco Bell. He says he has to have his 2 tacos everyday, and he will do or pay whatever is necessary to get them. On the basis of this information, what can you conclude about his price elasticity of demand for tacos?

What distinguishes the long run from the short run is that in the long run,

The main characteristics of a market setting called “monopolist competition” include which of the following?

We have the following data set:  2, 3, 17, 19, 5, 8, 9, 10, 11, 13, 18, 22, 23. What is the sample mean of the data?  _______

If six workers can produce 25 stoves a day, and seven can produce 29 stoves a day, the marginal product of the seventh worker is

Now that cell phones are dominant, what do you think has happened with the price elasticity of demand for land-line phone services?

Is the quantity produced in a monopolistically competitive industry the “efficient” quantity?

If a large tax was applied to charcoal that tripled the price of charcoal, ___________.

Consider the situation of Saudi Arabia and Nigeria, both of whom are members of OPEC, which is the Organization for Petroleum Exporting Countries.  Relative to Nigeria, Saudi Arabia produces oil at a lower cost and has significantly more oil reserves.  The payoff matrix above shows the profits each country can earn (per day), depending on the choices of the two countries.  Producing “low output” means sticking to the production limits in accordance with OPEC requirements, while “high output” means producing the maximum quantity possible and ignoring the OPEC production limits. For Saudi Arabia, is there a dominant strategy?  If so, what is it?

The deadweight loss caused by a monopoly would be shown as the area bounded by which points?