How is strategic behavior illustrated by the competition among three sellers of native arts and crafts near a national park?
What will be an ideal response?
Each seller must consider the reaction of the rivals to any changes in prices or non-price competition. If one seller changes prices, the other sellers are likely to change their prices to match. There will be a great deal of copycat behavior.
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Since being originally set in 1913, bank reserve requirements have
A) not been changed. B) been changed only once. C) been changed on numerous occasions. D) been changed on a daily basis.
In the IS curve, if Y increases for any given level of the real interest rate ________
A) consumption increases B) output decreases C) saving decreases D) all of the above E) none of the above
A patent gives a single person or firm the exclusive right to sell some good or service for a specific period of time
a. True b. False Indicate whether the statement is true or false
If the marginal propensity to consume is 4/5 then what must the marginal propensity to save?
a. 2/5 b. 3/5 c. 8/10 d. 1/5