If the demand for baseballs increases, then as a result, it is highly likely that the demand for:
A. leather will increase.
B. bats will decrease.
C. soccer balls will rise.
D. tennis balls will increase.
A. leather will increase.
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Refer to Figure 5-3. With insurance and a third-party payer system, what is the amount of the deadweight loss?
A) $0 B) $2,500 C) $5,000 D) $24,000
If Jet Cruises chooses to No Ad and Easy Sail then chooses to No Ad, Jet Cruises earns ________ million in net profit and Easy Sail earns ________ million.
Jet Cruises wants to prevent Easy Sail from entering the sailboat market. The above game tree illustrates the different strategies and corresponding payoffs for the two firms. Both Jet Cruises and Easy Sail have the same strategies of advertising (Ad) or not advertising (No Ad). The payoffs represent net profit in millions.
A) $5; $2 B) $2; $4 C) $4; $3 D) $10; $2
If the dollar value of paper produced and the total wages paid to labor both rise, value added in the paper industry could be unaltered
Indicate whether the statement is true or false
What do most economists believe about the future of business cycles?
(A) Business cycles will grow more extreme, with higher peaks and deeper troughs. (B) Economists have made no predictions about future business cycles. (C) Advances in technology have brought business cycles to an end. (D) Business cycles will continue to drive our economy.