Refer to the payoff matrix below. Which of the following is the Nash Equilibrium?
A) Set Low Price/Set Low Price
B) Set High Price/Set Low Price
C) Set High Price/Set High Price
D) Set Low Price/Set High Price
A) Set Low Price/Set Low Price
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The aggregate demand curve slopes downward indicating that:
a. an increase in the general price level will reduce the aggregate quantity of goods and services demanded. b. an increase in the general price level will increase the aggregate quantity of goods and services demanded. c. a change in the interest rate will alter the aggregate quantity of goods and services demanded. d. consumers substitute between domestic-made and foreign-made goods as their relative prices change.
International trade can be mutually advantageous because it
a. encourages the adoption of sound institutions and policies. b. reduces the competitiveness of domestic industries and, thereby, makes it easier for the domestic producers to raise their prices. c. permits the trading partners to take advantage of reductions in per-unit costs in industries where economies of scale are important. d. does all of the above. e. does both a and c.
You can think of an indifference curve as an
a. equal-cost curve. b. equal-marginal-cost curve. c. equal-utility curve. d. equal-marginal-utility curve.
During the last two decades union membership as a percentage of the labor force has
A. been rising. B. stayed about the same. C. been declining.