________ is an illegal activity between buyers and sellers sometimes used to evade a price ceiling
A) Increased search activity
B) A price floor
C) Creating a shortage
D) A black market
D
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The marginal revenue product curve shifts when
A) wages fall. B) there is a change in the product price workers are producing. C) wages rise. D) the wages paid exceed the price.
The problems faced by oligopolies with three or more members are entirely different from the problems faced by duopolies
a. True b. False Indicate whether the statement is true or false
Hotelling's model has been used to describe differentiation in the political "market." Suppose that 100 voters are evenly distributed between the extreme left and the extreme right on the political spectrum, and that all voters vote, and they always vote for the candidate closest to them on this spectrum. The numbers on this spectrum represent the number of voters lying to the left of the number. So, at the midpoint, fifty voters lie to the left and fifty to the right.
If Candidate X is running against Candidate Z, by moving to the right Candidate X would:
A. force Z to move farther to the right in order to keep the same number of votes. B. lose some votes from voters on the far left but gain approximately the same number of votes from Z. C. win the election if the move placed X anywhere to the right of 25 on the spectrum. D. not lose any votes from voters on the left and gain some votes from Z.
In order to change the money supply, the Fed might use all of the following tools except:
A. open market operations. B. discount window. C. reserve requirement. D. deficit spending.