Because all of his friends stopped exclusively wearing black clothes, Roberto wears anything but black clothes. This is known as
A. positive market feedback.
B. a negative sum game.
C. negative market feedback.
D. collusion.
Answer: C
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Using the table above, the elasticity of demand is equal to 1 at a price of
A) $8. B) $6. C) $5. D) $3. E) $1.
Suppose that for a given good demand decreases and supply increases at the same time. If demand decreases by a greater amount than supply increases, then equilibrium price __________ and equilibrium quantity __________ for that good
A) rises; rises B) rises; falls C) falls; rises D) falls; falls
Exhibit 2-18 Production possibilities curves
In Exhibit 2-18, a country is located at point A on its Year X production possibilities curve. In Year Y this same country is located at point B on its Year Y production possibilities curve. Which of the following could have brought about this outward shift in production possibilities curves?
A. More efficient production in Year X. B. A natural disaster in Year X which leads to a destruction of resources. C. Higher unemployment in Year X. D. An advance in technology occurred in Year X.
What is one potential problem with offering a choice of contracts to two different employees?
A) If Employee A is paid more than Employee B, Employee A might sue for discrimination. B) Employee A might be paid less than Employee B, proving statistical discrimination. C) The two employees might compare salaries without comparing risk-preferences, thereby running the risk of jealousy or claims of discrimination. D) The two employees might compare risk preferences without comparing salaries, thereby running the risk of jealousy or claims of discrimination.