Which of the following factors will NOT cause a shift in the demand for a good?
A) A change in consumer incomes B) A change in the market price of the good
C) A change in the number of consumers D) A change in tastes and preferences
B
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Comment on how extractive institutions affect:
a) the return-to-entrepreneurship schedule. b) the opportunity cost of entrepreneurship schedule. What will be an ideal response?
The above figure shows the market for finish carpenters in Bozeman. There is a minimum wage set at $18
Compared to the initial equilibrium without the minimum wage, once the minimum wage is in place, and after taking account of job search, the total workers' surplus ________ and the total firms' surplus ________. A) decreases; increases B) increases; increases C) increases; decreases D) does not change; increases E) decreases; decreases
Refer to the scenario above. You should use ________ to make your decision
A) backward induction B) forward induction C) mixed strategies D) your dominant strategy
External economies of scale will ________ average cost when output is ________ by ________
A) reduce; increased; the industry B) reduce; increased; a firm C) increase; increased; a firm D) increase; increased; the industry E) reduce; reduce; the industry