Farmers can use their land to grow soy beans or corn. If the price of corn rises,
A) the supply of soybeans decreases and the soybean supply curve shifts leftward.
B) the supply of soybeans increases.
C) the supply of corn increases and the corn supply curve shifts rightward.
D) the supply of corn increases.
A
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“Equilibrium” is a situation in which there are no inherent forces to produce change.
Answer the following statement true (T) or false (F)
Women currently comprise ______ of the workforce.
a. about one-third b. about two-thirds c. just under half d. just over half
The opportunity cost of going to college full time away from home includes
A) the income you could have earned from a full-time job. B) the funds you would have saved if you had not paid the tuition. C) the time you could have spent with parents back home. D) All of the above are correct.
Suppose two firms are in a game situation, and they each must decide on a strategy regarding whether to select a high price or a low price. Profits for a firm are highest when it selects a low price, while the other selects a high price; profits are lowest if one selects a high price, while the other selects a low price; profits are in between when both select low prices; and profits are slightly higher when both select high prices. In the absence of collusion we expect
A. one of the firms to select a high price and the other a low price. B. one firm to select a high price and the other a low price in the first period, followed by a reversal in the second period. C. both to select high prices. D. both to select low prices.