Customers who visit convenience stores at 3 a.m. have a price elasticity of demand that is _____________ elastic than those who visit at 3 p.m.
A. more
B. less
Ans: B. less
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If an adult plays tic-tac-toe with another adult typically the result is that neither player wins. However, when adults play small children they are usually successful in beating them
How is it that there could be Nash equilibrium in the first case and not the second?
Regulation of industry is usually carried out by special government agencies that administer and interpret the law
a. True b. False Indicate whether the statement is true or false
The advantage of a system of fixed exchange rates over one where exchange rates are flexible is that
a. the government gains more control over the economy. b. floating exchange rates impose risks on importers and exporters from unpredictable exchange rates. c. exchange controls become unnecessary. d. fiscal and monetary policy can focus more on domestic conditions.
"As the price of personal computers continues to fall, demand increases." This headline is inaccurate because:
A. the statement is backwards: increased demand leads to lower prices. B. a falling price of personal computers increases the quantity demanded, not demand. C. a change in the price of personal computers shifts the demand curve. D. a change in the price of personal computers shifts the supply curve.