If Mattie wants to discourage Irene from entering the market, what strategy should she follow?
a. Threaten to always accommodate
b. Always accommodate
c. Threaten to always fight
d. All of the above
c
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If the government imposes price controls and prevents prices from adjusting naturally to supply and demand, a. it equates the amount buyers are willing and able to buy with the amount sellers are willing and able to supply. b. it adversely affects the allocation of resources
c. it improves both equality and efficiency. d. it improves efficiency.
When economists describe a production process as capital-intensive, they mean that the
A. Process uses a high ratio of machinery and other capital to labor. B. Process needs a greater emphasis on labor in order to increase productivity. C. Capital used in the process tends to wear out (depreciate) very rapidly. D. Capital used in the process reflects the most advanced technology.
Having government-issued money makes it easier for policymakers to
A. guide and control the economy. B. keep wages high in certain key industries. C. completely prevent inflation. D. keep oil prices stable.
Refer to the diagram that shows the market for U.S. health care. Other things equal, which of the following would shift the demand curve for medical care from D 1 to D 2 ?
A. Higher copayments and deductibles in insurance policies.
B. An aging population.
C. Cutbacks in the government's Medicaid program.
D. Restrictions by firms on the eligibility of part-time workers for medical benefits.