Refer to Game Matrix I. The only Nash equilibrium for this game is in
a. the upper left-hand corner.
b. the upper right-hand corner.
c. the lower left-hand corner.
d. the lower right-hand corner.
d. the lower right-hand corner.
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A shortage occurs whenever
a. quantity demanded exceeds quantity supplied at the equilibrium price b. price is less than equilibrium price c. quantity demanded is less than quantity supplied d. goods are scarce e. some of the people who need the product are not willing and able to buy it at the equilibrium price
Suppose that apples and bananas both cost the same, but the marginal utility of bananas is twice as high as that for apples. This implies the consumer should purchase more apples and fewer bananas in order to maximize utility
a. True b. False Indicate whether the statement is true or false
A perfectly inelastic supply curve is also called an infinitely elastic supply curve
a. True b. False Indicate whether the statement is true or false
If there is an increase in immigration into a specific labor market, then
A. The supply of labor shifts leftward, and the equilibrium wage will increase. B. The equilibrium wage will rise, and the quantity of labor hired will fall. C. The demand for labor will increase, and the equilibrium wage rises. D. The supply of labor shifts rightward, and the equilibrium wage will fall.