What will make a change in demand cause a large change in price?
What will be an ideal response?
A large change in demand and highly inelastic supply and demand
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In a repeated prisoner's dilemma situation, cooperation can be achieved _____
a. if player A cooperates as long as player B cooperates b. if player A continually defects on player B c. if player A cooperates regardless of what player B does d. never
If actual experience supports two competing theories, then both theories are proven to be true
Indicate whether the statement is true or false
Regressive taxes have a negative impact on citizens while progressive taxes have a positive impact
Indicate whether the statement is true or false
A market is NOT contestable if:
A. existing firms cannot respond quickly to entry by lowering their price. B. there are sunk costs. C. consumers respond quickly to a price change. D. all producers have access to the same technology.