When income ________, the money ________ curve shifts to the right
A) increases; demand
B) increases; supply
C) decreases; demand
D) decreases; supply
Answer: A) increases; demand
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In the American economy, the central figure is the ________________.
Fill in the blank(s) with the appropriate word(s).
Oligopolists will maximize total profits for all of the firms in the market at the rate of output where
A. TR = TC for the total market. B. MR = MC for the marginal firm. C. A monopoly firm would produce if it was maximizing profits. D. AR = AC for each firm.
Demand is inelastic if
A. the percentage change in quantity demanded is greater than the percentage change in price. B. the elasticity of demand is less than 1. C. the demand for the good is sensitive to changes in price. D. more units will be purchased if the price increases.
Refer to the information provided in Table 14.4 below to answer the question that follows. Table 14.4B's Strategy ?Raise PriceDon't Raise Price?RaiseA's profit $6,000A's profit $20,000?PriceB's profit $6,000B's profit $30,000A's Strategy????Don'tA's profit $30,000A's profit $10,000?RaiseB's profit $20,000B's profit $10,000Refer to Table 14.4. If both firms follow a maximin strategy, the equilibrium in the game is
A. (Don't Raise Price, Don't Raise Price). B. (Don't Raise Price, Raise Price). C. (Raise Price, Raise Price). D. (Raise Price, Don't Raise Price).