If the demand for jelly decreases, and the price of grapes (used to make jelly) rises:
A. the equilibrium price of jelly rises and the equilibrium quantity of jelly might rise or fall.
B. the equilibrium price of jelly falls and the equilibrium quantity of jelly might rise or fall.
C. the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly falls.
D. the equilibrium price of jelly might rise or fall, and the equilibrium quantity of jelly rises.
Answer: C
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? Assume that Figure 4-4 shows demand for orange juice. A decrease in the price of apple juice will change demand from
A. D1to D2. B. D2to D1. C. D2to D3. D. D1to D3.
Fact: The lowest 20% of U.S. family incomes in the U.S. has fallen from 4.8% to 3.8% between 1960 and 2010. Your authors argue that
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Within a game theory model, if a change in decision-making raises corporation A's profits by $50 and lowers corporation B's profits by $60, the game is a
A) negative-sum game. B) zero-sum game. C) positive-sum game. D) cooperative game.
The U.S. supply curve of dollars is upward-sloping because a:
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