If, in the game in Scenario 13.14, R moves first, C will respond with
A) Q = 50.
B) Q = 100.
C) Q = 150.
D) a mixed strategy over the three choices that includes some positive likelihood for each Q.
E) a mixed strategy over the choices Q = 50 and Q = 100.
A
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When both inflation and unemployment are concerns, supply-side economists argue in favor of policies to shift the
A. aggregate supply curve to the right and lower the CPI, while Keynesian fiscal policy would shift the aggregate demand curve to the right and increase the CPI. B. aggregate supply curve to the left and raise the CPI, while Keynesian fiscal policy would shift the aggregate demand curve to the left and decrease the CPI. C. aggregate supply curve to the right and lower the CPI, which is the same policy Keynesian economists would advocate. D. aggregate demand curve to the right because unemployment is a more important concern than inflation.
If total revenues rise when the market price increases, then we know that
A) demand is inelastic. B) demand is elastic. C) demand is unit-elastic. D) its demand has zero elasticity.
The principal feature of private goods is that
A) they cannot be rented or purchased. B) consumption by one person reduces the quantity available to others. C) no one can be excluded from consumption of the product. D) externality problems associated with their production are always negative.
Product differentiation that makes the product ________ is horizontal differentiation.
A. less expensive to produce than the rival's product B. better for some consumers and worse for others C. more similar to the rival's product D. better than a rival's product from everyone's perspective