Which of the following shifts the demand curve for hot dogs leftward?
A) an increase in the price of a hot dog bun
B) a decrease in the price of a hot dog bun
C) an increase in the price of a hot dog
D) an increase in the price of a hamburger
A
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Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million. You may find it helpful to fill in the payoff matrix below. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q380g1.jpg" alt="" style="vertical-align: 0.0px;" height="203" width="377" />To Mexico, the payoff to cheating is either:
A. $80 million or $110 million.
B. $150 million or $200 million.
C. $100 million or $110 million.
D. $60 million or $100 million.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
Refer to the figure above. What is the consumer surplus in the market?
A) $60 B) $90 C) $120 D) $160
The De Beers Company, one of the longest-lived monopolies, is facing increasing competition. One source of competition comes from people who might resell their previously owned diamonds
Why is De Beers worried that people might resell their previously owned diamonds? A) because the availability of previously owned diamonds would make the market demand curve for diamonds more inelastic and force De Beers to lower its price B) because previously owned diamonds would be a close substitute to newly mined diamonds and therefore reduce De Beers' market power C) because the availability of previously owned diamonds would increase the market demand for diamonds and dilute De Beers' monopoly D) because De Beers will not be able to guarantee the quality of previously owned diamonds and fears that its reputation might be harmed