If an agricultural market is perfectly competitive, which of the following types of behavior might be expected?
A. Economic profits encourage entry.
B. Collusion in restraint of trade.
C. Price wars.
D. Advertising.
Answer: A
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Refer to Scenario 12.2. If each player plays an ideal mixed strategy, then both will donate a kidney about ________ of the time
A) 6.25% B) 12.5% C) 37.5% D) 50%
In the 1870s, excess capacity in the railroad industry led to:
a. rates wars. b. the formation of regional federations to pool traffic or profits. c. price-fixing. d. hidden rate-cutting through rebates. e. All of the above.
A decrease in the tax rate is more likely to increase the standard of living if the income effect of a change in the interest rate is
a. small and an increase in private saving tends to have a small impact on the capital stock. b. small and an increase in private saving tends to have a large impact on the capital stock. c. large and an increase in private saving tends to have a small impact on the capital stock. d. large and an increase in private saving tends to have a large impact on the capital stock.
The smallest single component of M1 is:
A. demand deposits. B. savings account balances. C. other checkable deposits. D. traveler's checks.