Strategic bargaining:
A. may reduce the number of trade restrictions if it is successful.
B. may increase the number of trade restrictions if it is successful.
C. always increases the number of trade restrictions.
D. always reduces the number of trade restrictions.
Answer: A
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When technology advances, supply
A) increases, which is represented by a leftward shift in the supply curve. B) increases, which is represented by a rightward shift in the supply curve. C) decreases, which is represented by a rightward shift in the supply curve. D) decreases, which is represented by a leftward shift in the supply curve. E) remains the same; only quantity supplied changes.
When the price elasticity of demand for a good equals
A) 0, the demand curve is vertical. B) 0, the demand curve is horizontal. C) 1, the demand curve is vertical. D) 1, the demand curve is horizontal.
If its value of cross-price elasticity is negative, a good must be a necessity
a. True b. False
In the classical model, we include unintended inventory changes
a. True b. False