In the ultimatum game, what offer do proposers and responders most often settle on?
a. 99/1
b. 70/30
c. 50/50
d. 100/0
b. 70/30
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If a firm shuts down, it
A) makes zero economic profit. B) incurs an economic loss equal to its total variable cost. C) incurs an economic loss equal to its total fixed cost. D) makes a normal profit. E) might make an economic profit, zero economic profit, or incur an economic loss.
An increase in advertising costs affect a firm in a monopolistic competition by increasing the firm's
A) total fixed cost. B) marginal cost. C) total variable cost. D) average variable cost.
Refer to Figure 17-2. Suppose the Fed used contractionary policy to push short-run equilibrium to point C. If the short-run equilibrium remained at point C long enough,
A) the economy would move back to point A. B) the economy would stay at point C in the long run. C) the short-run Phillips curve would shift down. D) the short-run Phillips curve would shift up.
Market failures occur when
A) externalities exist. B) economic efficiency increases. C) there is an increase in demand. D) there is a change in quantity demanded.