Studies show that the supply curve for oranges has shifted. Which of the following could not explain the shift of the supply curve?
a. Weather conditions have changed.
b. The price of fertilizer has changed.
c. The wage paid to orange pickers has changed.
d. The price of oranges has changed.
e. The demand for grapefruit has changed.
D
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All of the following are non-price determinants of supply except
A) costs. B) technology. C) income. D) future expectations.
Two heavy equipment manufacturers might collude in an effort to do all of the following except one. Which is the exception?
a. determine a more advantageous price and quantity b. prevent new entry into the market c. take advantage of the legal benefits that U.S. cartels receive d. increase their combined profits e. predict the behavior of other competitors in the heavy equipment market with greater certainty
If race-car driving is dangerous, why would any rational person choose to be a race-car driver?
In a dictator game, player A must divide $100 between player A and player B. In this game, player B does not have the opportunity to reject an offer — he or she goes home with whatever player A offers. Experiments have observed that when player A splits the $100, he or she consistently offers over $10 to player B. Which of the following comments fits best
a. Although player A is acting as economic theory usually assumes, he or she makes such offers because they seem more fair. b. Although player A is acting as economic theory usually assumes, he or she makes such offers although they are not fair. c. Although player A is not acting as economic theory usually assumes, he or she makes such offers because they seem more fair. d. Although player A is not acting as economic theory usually assumes, he or she makes such offers because they are not fair.