Sellers in a monopolistically competitive market may be regarded as “monopolists” of their ______.
a. average costs
b. advertising
c. trade networks
d. own brands
d. own brands
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In the prisoner's dilemma game:
A. a cooperative strategy can lead to a more beneficial outcome for both players. B. a noncooperative strategy will lead to a positive-positive outcome. C. a stable outcome is impossible. D. neither player has a dominant strategy.
A fiscal policy in which the government attempts to offset any change in aggregate expenditures that would create a business cycle is called a:
A. supply-side policy. B. countercyclical fiscal policy. C. laissez-faire policy. D. regulatory policy.
The law of demand states that there is
A. a direct relationship between income and quantity demanded, ceteris paribus. B. no relationship between taste and quantity demanded, ceteris paribus. C. an inverse relationship between income and quantity demanded, ceteris paribus. D. an inverse relationship between price and quantity demanded, ceteris paribus.
A human resource such as ingenuity can be thought of as
A. a causal factor for aggregate supply shifting left. B. part of a country's endowment. C. the outcome of more investment spending. D. part of government spending programs.