The Law of Supply insures that supply curves slope upward
Indicate whether the statement is true or false
False. There is no Law of Supply. Supply curves can take multiple shapes and thus don't have to be upward sloping.
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In economics, a free rider is someone who relies on others to pay his bills
Indicate whether the statement is true or false
High unemployment rates persisted for several years after the official end of the 2007-2009 recession
The long duration of unemployment for many workers can be viewed as being consistent with an increase in ________ unemployment, and therefore an increase in the natural rate of unemployment. A) frictional B) cyclical C) structural D) seasonal
Refer to the table below. What is the profit-maximizing price for Gorgeous Sands Resort to charge during the off-peak period?
The table above summarizes Gorgeous Sands Resort's marginal capacity cost, marginal operating cost, peak marginal revenue, off-peak marginal revenue, and its peak and off-peak demand for its resort units.
A) $2,500 B) $1,750 C) $2,000 D) $1,250
When a strategy is the best one to follow no matter what strategy other players choose, it is called a:
A. dominated strategy. B. golden decision. C. zero-sum strategy. D. dominant strategy.