Refer to the figure below. 
If Row Resorts keeps its rates high, then Column Cruises would receive the highest payoff if it:
A. offered reduced rates.
B. kept its rates high.
C. chose either strategy because it will have the same payoff in either case.
D. agreed with Row Resorts to reduce their rates at exactly the same time.
Answer: A
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Figure 4.4 illustrates the supply of tacos. An increase in the supply of tacos is represented by a movement from
A) point a to point b. B) point c to point b. C) S0 to S1. D) S2 to S1.
When a minimum wage is ________, the firms' surplus and workers' surplus shrink, a deadweight loss ________, and resources are lost in job search
A) inefficient; arises B) inefficient; disappears C) efficient; arises D) efficient; disappears E) nonexistent; arises
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A) up; up B) up; down C) down; up D) down; down
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Answer the following statement true (T) or false (F)