Use the figure below to answer the following question.
A decrease in supply would best be reflected by a change from
A. point 3 to point 4.
B. point 5 to point 6.
C. point 2 to point 1.
D. point 5 to point 1.
Answer: C
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A situation in which each firm chooses the best strategy given the strategies chosen by other firms is called a
A) payoff matrix. B) collusion. C) dominant strategy. D) Nash equilibrium.
Which nation achieved the ideal communist society as described by Marx?
A. Castro's Cuba B. Mao's China C. Stalin's Soviet Union D. No nation has achieved Marx's vision of communist society.
Preferred Budgets ($ in millions)45678910Number of voters (in thousands)516253022193Table 15.3Table 15.3 shows the preferred budget for a new performance center and the number of voters in a community who prefer that budget. If Dawn proposed $5 million while Terry proposed $9 million, Dawn will get ________ thousand votes while Terry gets ________ thousand votes.
A. 46; 44 B. 46; 74 C. 61; 59 D. 76; 44
The payment for the use of a resource in an amount higher than the resource's opportunity cost is
A. an irrational economic concept. B. economic rent. C. reinvestment. D. a proprietorship.