The stable outcome of the game in the figure shown will be:
A. Nike charges a high price, and Adidas charges a low price.
B. Nike charges a low price, and Adidas charges a high price.
C. Nike and Adidas both charge a low price.
D. Nike and Adidas both charge a high price.
C. Nike and Adidas both charge a low price.
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Which criterion for suitability as a medium of exchange do Federal Reserve Notes meet?
A) They are of standardized quality. B) They are durable. C) They are acceptable to most traders. D) Federal Reserve Notes meet all of the criteria for suitability as a medium of exchange.
Which of the following does NOT cause a rightward shift in the supply curve?
A) a reduction in resource costs B) an increase in technology C) a reduction in the price of the good D) a reduction in the expected future price of the good
The law of diminishing marginal utility suggests that a demand curve: a. shows a direct relationship between price and quantity demanded. b. has a slope equal to zero
c. has a positive slope. d. has a negative slope.
If a firm is forced to take external costs into account, it will
A. increase production and charge a lower market price. B. reduce prices and hire more workers. C. reduce prices and hire fewer workers. D. reduce production and charge a higher market price.