The horizontal axis of a graph that shows a market demand curve indicates the:
A. Different prices at which various levels of output can be sold
B. Number of consumers who are in the market for this product
C. Various quantities of output at which the market will be cleared
D. Quantities which consumers will be willing and able to buy at various prices
Answer: D
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Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million. You may find it helpful to fill in the payoff matrix below. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q385g1.jpg" alt="" style="vertical-align: 0.0px;" height="203" width="377" />This game is ________ because ________.
A. not a prisoner's dilemma; cheating is better for both
B. a prisoner's dilemma; not cheating is better for both
C. not a prisoner's dilemma; OPEC does not have a dominant strategy
D. a prisoner's dilemma; cheating is better for both
If expected earnings of a company are revised upward and all else is equal, the price of a stock will
A. rise. B. adjust to reflect a lower ratio of price to (current) earnings. C. fall. D. remain unchanged.
There is discrimination in the labor market on the planet of Yerk between two groups of people, the Mirks and the Morks
If the discrimination is against the Mirks, then the VMP curve for Mirks is ________ the VMP curve for Morks, and the Mirks receive ________ than the Morks. A) to the left of; the same wage rate, but fewer are employed B) to the right of; the same wage rate, but fewer are employed C) to the left of; a lower wage rate D) to the right of; a lower wage rate
The quantity of money has no real impact on things people really care about like whether or not they have a job. Most economists would agree that this statement is appropriate concerning
a. both the short run and the long run. b. the short run, but not the long run. c. the long run, but not the short run. d. neither the long run nor the short run.