A critical assumption in the model of demand and supply is the independence of the demand and supply curves. If the two are not independent from each other, a shift in the supply curve can lead to a shift in the demand curve referred to as:
a. supply-side economics.
b. ceteris paribus.
c. supply shocks.
d. supplier-induced demand.
e. the fallacy of supply.
d. supplier-induced demand.
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The beauty of Nash's equilibrium concept is that
a. all games have one. b. all games have no more than one. c. all games have a rich set to choose from. d. it is a Pareto optimum.
The per-worker production function illustrates the fact that as the amount of capital per worker increases, output per worker: a. increases at an increasing rate
b. increases then decreases. c. decreases but at an increasing rate. d. decreases. e. increases but at a decreasing rate.
Tom quit his $65,000 a year corporate lawyer job to open up his own law practice. In Tom's first year in business his total revenue equaled $150,000 . Tom's explicit cost during the year totaled $85,000 . What is Tom's economic profit for his first year in business?
a. $0 b. $20,000 c. $65,000 d. $85,000
Deliberation councils have no private sector input
Indicate whether the statement is true or false