If the roommates played the game repeatedly where one roommate not cleaning this time would trigger the other roommate not cleaning next time, the Nash equilibrium is most likely to be
a. John cleans, Joe doesn't
b. Joe cleans, John doesn't
c. Both of them clean
d. Neither of them clean
c
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The MP curve may be used to represent ________
A) movements of the real interest rate as a direct policy action of the Federal Reserve B) movements of the real interest rate that are independent of direct Federal Reserve action C) how the real interest rate is related to the inflation rate D) all of the above E) none of the above
Most consumers in stores use marginal analysis to make their buying decisions.
Answer the following statement true (T) or false (F)
The substitution effect can be measured holding ________ constant
A) income B) utility C) the price of one good D) the price of all goods
If a good has an absolute price elasticity of 1, the demand for the good is
A) unit elastic. B) inelastic. C) perfectly elastic. D) elastic.