The demand curve shown in the figure above reflects demand that is
A) perfectly elastic.
B) perfectly inelastic.
C) unit elastic.
D) elastic but not perfectly elastic.
E) inelastic but not perfectly inelastic.
A
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Under a managed float system, central banks can
A) allow international reserve changes. B) let exchange rates adjust to market pressure. C) experience reserve changes and exchange rate changes. D) All of the above.
If a government-imposed price ceiling causes the observed price in a market to be below the equilibrium price,
A) there will be excess demand. B) there will be excess supply. C) the curves will shift to make a new equilibrium at the regulated price. D) None of the above.
Explain why the competitive output maximizes welfare
What will be an ideal response?
A "sequential game" is
A) another term for a repeated game. B) another term for a cooperative game. C) the term for a game in which individuals receive their payoffs at different times. D) the term for a game in which individuals do not commit to strategy choices at the same time. E) the term for a game in which each outcome occurs, one after the other, as the game is repeated over time.