In the figure above, if price DECREASES from $60 to $40, an arrow representing the QUANTITY effect
A. will be shorter than (and in opposite direction of) the arrow representing the price effect.
B. will point in the direction in which total revenue will move.
C. will point downward.
D. will be shorter than (and in same direction of) the arrow representing the price effect.
E. both a and d
Answer: A
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Why is the prisoner's dilemma game useful in studying oligopoly behavior?
A) Because oligopolies make out like bandits. B) To illustrate the problems encountered when making decisions under uncertainty. C) To show that oligopolies behave as monopolists in the long run and earn positive economic profits. D) To illustrate how barriers to entry lead to economic profits.
Lisa consumes only pizzas and burritos. In equilibrium, her marginal utility of pizza is 20 and her marginal utility of a burrito is 10. The price of a pizza is $4. What is the price of a burrito?
What will be an ideal response?
Which of the following is an example of a public good?
A) a box of bath tissues B) a public bus C) an ice cream cone D) street signs
Medicare is a health care program
a. for poor and low income people b. administered through Social Security for retired workers starting at age 55 c. administered through Social Security for everyone over 65 years d. administered by state governments for people who are not covered by private health insurance e. administered by the federal government for people who are not covered by private insurance