To analyze policy options, economists are forced to deal with:
a. politicians
b. business people
c. rotating statistical values
d. things that have not occurred
e. None of these is correct.
d
You might also like to view...
If a shift in the demand curve that raises the price of oranges from $7 to $9 a bushel increases the quantity of oranges supplied from 4,000 bushels to 6,000 bushels, the
A) supply of oranges is elastic. B) supply of oranges is inelastic. C) demand for oranges is elastic. D) demand for oranges is inelastic.
A resource that earns only economic rent
a. cannot be employed in any other line of production, so its opportunity cost is zero b. is rental payment for a resource that has already been paid for c. is impossible because all resources have an opportunity cost associated with their use d. is not fixed in quantity e. has a perfectly elastic supply curve
In an oligopolistic market structure, other firms will not notice if one firm experiences increased sales.
Answer the following statement true (T) or false (F)
Though Nash games are noncooperative, a cooperative outcome is more likely if
A. the long-run gains are smaller than the short-run gains. B. firms expect the market relationship to last only for a short time. C. the long-run gains are greater than the short-run gains. D. firms can easily monitor the outcomes from rivals' defection.