When a firm relies on radio and TV ads to reach potential customers, the firm is engaging in
A) direct marketing.
B) mass marketing.
C) interactive marketing.
D) none of the above.
Answer: B) mass marketing.
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Job rationing occurs when the real wage is ________ the equilibrium level and there is a ________ of labor
A) below; surplus B) equal to; shortage C) above; surplus D) above; shortage E) below; shortage
One reason that it might be difficult for a player to determine his best strategy is that
A) he might have limited ability to calculate the possible outcomes. B) he is irrational. C) there is no pure strategy. D) there are multiple Nash equilibria.
Suppose that the market for coffee is in equilibrium at a price of $9.50 per pound and a monthly quantity of 20 million pounds. News of a drought in Brazil arrives so that people know that the supply of coffee months from now will be sharply reduced
What, if anything, will happen in the coffee market now? Explain.
If the interest rate is below the equilibrium, which of the following occurs in this market?
a. excess supply b. excess quantity supplied c. excess demand d. excess quantity demanded