If the quantity of burgers supplied increases from 2 to 4 when the price of burgers increases from $2.00 to $5.00, the response by producers would be shown by:
A. a leftward shift in the supply curve.
B. a movement upward and to the right along the supply curve.
C. a rightward shift in the supply curve.
D. a movement downward and to the left along the supply curve.
Answer: B
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Consider an industry with two firms producing similar products. Each firm's total cost (in dollars) is given below.Mega Corp: TC = 5,000 + 100QBig Inc: TC = 4,000 + 200QIf each firm is producing 15 units, you would expect:
A. both Mega Corp and Big Inc to reduce output and charge higher prices. B. Big Inc to charge a lower price than Mega Corp. C. Mega Corp to charge a lower price than Big Inc. D. both firms to continue to produce 15 units.
Homogeneous products are distinguishable from each other.
Answer the following statement true (T) or false (F)
In the prisoners' dilemma, each player is ________ regardless of the other players' actions
A) forced to confess B) forced to deny C) better off confessing D) better off denying E) going to go free
Suppose you read in the paper that the Federal Reserve plans to expand the money supply. The Fed is most likely to do this by
A) printing more currency and distributing it. B) purchasing government bonds from the public. C) selling government bonds to the public. D) buying newly issued government bonds directly from the government itself.