Perfectly elastic demand curves are vertical
a. True
b. False
Indicate whether the statement is true or false
False
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Four people each have a different willingness to pay for one unit of a good: George will pay $15, Glen will pay $12, Tom will pay $10, and Peter will pay $8. If price decreases from $9 to $8 then the consumer surplus from this unit will increase by
A) $3. B) $4. C) $2. D) $1.
Using the above table, moving from alternative C to alternative B, what is the opportunity cost of one loaf of bread?
A) 1 pizza pie B) 30 pizza pies C) 2 pizza pies D) 0.5 pizza pie
A dominant strategy is one that gives a player in a game a bigger payoff than the other player receives
a. True b. False Indicate whether the statement is true or false
An increase in the Japanese interest rate will ________ the supply of dollars and lead the dollar to ________
A) increase; appreciate B) increase; depreciate C) decrease; appreciate D) decrease; depreciate