A brand name can be a source of market power
Indicate whether the statement is true or false
True
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Farming in poor countries is considered to be:
A. cost intensive. B. labor intensive. C. capital intensive. D. production intensive.
Consumption, as a component of GDP:
A. includes nondurable goods only. B. measures spending on goods and services by individuals and households. C. measures spending only on goods, not services, by private individuals and households. D. includes durable goods only.
If the price of K declines, the demand curve for the complementary product J will:
A. shift to the left. B. remain unchanged. C. shift to the right. D. decrease.
Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The $50 is divisible up to one cent. The players have one shot to reach an agreement. Management has the ability to announce what it wants first, and then the labor union can accept or reject the offer. Both players get zero if the total amounts asked for exceed $50. Which of the following is a perfect equilibrium?
A. Management requests $25, and the labor union accepts $25. B. Management requests $0, and the labor union accepts $50. C. Management requests $49.99, and the labor union accepts $0.01. D. None of the answers is correct.