The Diagram Below Shows Demand and Cost Curves for a Monopolistically

question 90

Multiple Choice

The diagram below shows demand and cost curves for a monopolistically competitive firm.
FIGURE 11- 3
-Consider an example of the prisoner's dilemma where 2 firms are making sealed bids on a contract and each firm is allowed to bid either $100 or $180.If both firms bid the same price,the job is shared equally and each firm earns half the value of its bid.Otherwise the lowest bidder wins the contract and receives the full value of its bid (and the other bidder earns zero) .The non- cooperative outcome in this situation is

• A)both firms bid $50.
• B)both firms bid $100.
• C)one firm bids $100,the other firm bids $180.
• D)both firms bid $90.
• E)both firms bid $180.

Differentiate between class and caste systems of stratification.

Examine the impact of denial of citizenship rights and its comparison to caste systems.

Recognize the role of culture and cultural capital in generating disparities.

Describe systems of stratification and their impact on individuals' lives.

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Definitions:

Royalties

Payments made to a rights holder, such as an author, artist, or patentee, for the use of their original work or invention.

Patents

Legal rights granted to inventors that give them exclusive rights to use, make, and sell their invention for a certain period of time.

Songs

Musical compositions that are sung or played by voices or instruments.

Primarily Rental

Refers to a property whose main use is for renting out to tenants rather than as a primary residence for the owner.