Would a change in the price of in-line skates cause a change in the supply of in-line skates? Why or why not?
What will be an ideal response?
No, a change in the price of in-line skates would not cause a change in the supply of in-line skates. Rather, it would cause a change in the quantity supplied. Supply changes only when there is a change in any variable other than the price that would affect the supply of the good in question.
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In game theory, a strategy
A) is useless, because firms are subject to bounded rationality. B) is useful in static games, but not in dynamic games. C) defines the specific actions a firm will make. D) determines the payoff matrix of the game.
If a bottled soft drink and bottled juice are substitutes, when the price of the bottled soft drink rises
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Within the U.S. population, blacks of prime working age (ages 25-54) have similar rates of unemployment than whites of prime working age (ages 25-54), regardless of gender
a. True b. False Indicate whether the statement is true or false