Refer to the figure below. If Cory chooses A, then Jess's best response is: 
A. to choose A.
B. to choose the cell in which Jess's payoff is 10.
C. to choose B.
D. non-existent.
Answer: C
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The demand for food in poor countries is
A) inelastic and more inelastic than in rich countries. B) inelastic but more elastic than in rich countries. C) elastic but less elastic than in rich countries. D) elastic and more elastic than in rich countries.
Money will fail to serve as a medium of exchange if it ceases to be a store of value
Indicate whether the statement is true or false
When the firm increases output and the costs rise proportionately, then the long-run average cost curve is ________ and the firm is experiencing ________.
A. horizontal; constant returns to scale B. downward sloping; constant returns to scale C. upward sloping; diseconomies of scale D. downward sloping; economies of scale
The River Rouge plant was built by the Ford Motor Company in the 1920s to produce the company's Model A car. Which of the following is evidence that the River Rouge plant suffered from diseconomies of scale?
A) Despite an expensive advertising campaign the Model A did not earn the company a profit. B) Model A cars made at the River Rouge plant failed to earn Ford a profit. Ford eventually constructed smaller plants to make the Model A at a lower average cost. C) Model A cars made at the River Rouge plant failed to earn a profit. Ford reduced the average cost of the Model A by cutting its employees' wages. D) Model A cars made at the River Rouge plant failed to earn a profit because the price of steel used to manufacture the Model A rose when workers in the steel industry went on strike.