Refer to the information provided in Figure 3.8 below to answer the following question(s).
Figure 3.8Refer to Figure 3.8. Assume there are only two people in the market for baseball caps: Alex and Ryan. Along the market demand curve for baseball caps, at a price of ________, quantity demanded would be ________.
A. $10; 12
B. $8; 14
C. $10; 6
D. $8; 25
Answer: B
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Refer to the payoff matrix below. Which of the following is true for Happy Campers?
A) They have one dominated strategy.
B) They have three dominated strategies.
C) They have two dominated strategies.
D) They have zero dominated strategies.
When very few substitutes for a good exist, demand will be
A. inelastic. B. elastic. C. perfectly elastic. D. unit-elastic.
If the price elasticity of supply is equal to 1, we would say the supply of the item is
A. elastic. B. inelastic. C. unit elastic. D. perfectly elastic.
From 1944 to 2001, the number of workers employed in manufacturing in the United States
A) fell from about 38 percent to about 12 percent. B) remained fairly steady at around 24 percent. C) plummeted from over 75 percent to less than 5 percent. D) slightly increased from roughly 17 percent to 19 percent.