An action that is the best choice under all conditions is known as a:
A. profit-maximizing strategy.
B. dilemma.
C. trigger strategy.
D. dominant strategy.
Answer: D
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If short-run economic profits are greater than zero for firms in a monopolistically competitive market, in the long run we expect:
A. entry barriers to prevent competing firms from entering this market. B. the demand curve for firms in the market to shift to the right. C. competing firms to enter the market and sell similar products. D. profits to increase.
Explain what factors cause shifts and changes in the slope of the ZZ curve presented in chapter 3
What will be an ideal response?
_____ is the primary determinant of consumption and is usually measured in terms of current disposable income
a. Household income b. Wealth c. Expectation d. Interest rate e. Tax liability
In an open economy, the quantity demanded of TVs in the domestic market will be ________.
A. 120,000 B. 60,000 C. 30,000 D. 90,000