In a Nash equilibrium, all players select non-dominant strategies
Indicate whether the statement is true or false
FALSE
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Suppose bad weather decreases the quantity of wheat by 12 percent. If the price elasticity of demand for wheat is 0.6, how would the crop failure affect the price of wheat? Would the crop decrease benefit or harm wheat farmers?
What will be an ideal response?
Because minimum wage is a price floor
A) it will maximize consumer surplus. B) it will create a deadweight loss. C) it will be set below the market equilibrium price. D) it will increase the number of jobs available in the labor market.
In response to the financial crisis which followed the housing bubble collapse, policy-makers feared stimulating demand would cause:
A. inflation. B. deflation. C. stagflation. D. hyperinflation.
An argument against free trade is that it might endanger national security
Indicate whether the statement is true or false