Suppose there is currently a surplus of wheat on the world market. The problem of excess supply may be removed from the market by:
A) lowering the market price.
B) shifting the supply curve leftward.
C) shifting the demand curve leftward.
D) Both A and B are plausible actions.
D
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When both firms have dominant strategies
A) the outcome is called a dominant strategy solution. B) joint profits are maximized. C) there are multiple Nash equilibria. D) there is a prisoners' dilemma.
During a primary election, Candidate A receives 45% of the vote, Candidate B receives 30%, and Candidate C receives 25%. This situation illustrates which of the following?
a. A voting cycle b. Partisan politics c. The electoral college d. The median voter result
Secondary reserves consist of (1) _______; (2) _______; (3) ________; and (4) _______.
Fill in the blank(s) with the appropriate word(s).
Suppose that a monopoly computer chip maker increases production from 10 microchips to 11 microchips. If the market price declines from $30 per unit to $29 per unit, marginal revenue for the eleventh unit is:
a. $9. b. $19. c. $1. d. $29.