A subgame is a simultaneous game embedded in a sequential game
Indicate whether the statement is true or false
FALSE
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When the price of toilet paper falls by 20 percent, the quantity of toilet paper demanded rises by 10 percent. Calculate the price elasticity of demand. Is the demand for toilet paper elastic, inelastic, or unit elastic?
What will be an ideal response?
Suppose the market for oranges is perfectly competitive and unregulated. Suppose also that the chemicals used to keep the oranges insect-free damage the environment by an estimated $1 per bushel of oranges. Suppose QD = 1000 - 100P and QS = -100 + 100P. The "optimal" amount of environmental damage would be
a. $0 b. $40 c. $450 d. $500
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.
A decrease in marginal tax rates will ________ after-tax profits and ________ more investment.
A. decrease; discourage B. increase; discourage C. decrease; encourage D. increase; encourage