If the demand for videotapes tends to be elastic, then a decrease in videotape prices means that people spend more on videotapes than before
Indicate whether the statement is true or false
T
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A subgame perfect Nash equilibrium
A) can be solved by backward induction. B) is a set of strategies that are a Nash equilibrium in every subgame. C) is a stronger form of Nash equilibrium. D) All of the above are correct.
As all available statistics show us, because the average annual population growth is 1.4 percent higher in developing countries than in industrial nations, economic growth is lower in low-income countries
a. True b. False Indicate whether the statement is true or false
Moral hazard is a problem for the insurance industry
a. True b. False
Tariffs lead to
A. the expansion of relatively efficient industries. B. an under allocation of resources to relatively efficient industries. C. an increase in the foreign demand for domestically produced goods. D. an under allocation of resources to relatively inefficient industries.