In a duopoly, if one firm increases its price, then the other firm can:
A. Keep its price constant and thus increase its market share
B. Keep its price constant and thus decrease its market share
C. Increase its price and thus increase its market share
D. Decrease its price and thus decrease its market share
A. Keep its price constant and thus increase its market share
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As more Big Macs are consumed each day, the marginal utility that a person gets from each additional Big Mac:
a. rises at a steady rate. b. decreases. c. remains constant. d. accelerates.
In the ________ range of the aggregate supply curve, expansionary fiscal policy causes aggregate ________ to increase, which results in a higher price level and a higher equilibrium level of real GDP
a. intermediate, demand b. classical, demand c. Keynesian, supply d. intermediate, supply
The first phase of a typical cycle of economic populism is usually
A) hyperinflation. B) rising growth and rising wages. C) falling growth and falling wages. D) rising unemployment.
In 2010, Tatum's nominal income rose by 4.6 percent and the price level rose by 1.6 percent. We can conclude that Tatum's real income:
A. may have either increased or decreased. B. rose by approximately 6.2 percent. C. rose by approximately 3 percent. D. fell by approximately 13 percent.