Explain how price expectations can affect the supply of a product
What will be an ideal response?
If sellers expect the price of the product to rise in the future, they will want to hold onto their product and sell it at that time. Therefore, their current supply will fall. Likewise, if sellers expect the price of their product to fall in the future, they will want to sell as much of their product as possible today, increasing the supply.
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What is a Nash equilibrium? How is a Nash equilibrium different from a dominant strategy equilibrium?
What will be an ideal response?
In Canada, as elsewhere, the unemployment associated with a recession is called
a. structural unemployment b. frictional unemployment c. discouraged unemployment d. cyclical unemployment e. temporary unemployment
The more risk averse someone is, the more they are willing to pay, past the _____________________, to insure against the uncertainty of loss
Fill in the blank(s) with the appropriate word(s).
The smaller the country, the more its spending tends to affect other countries.
Answer the following statement true (T) or false (F)