An increase in price is likely to affect demand in what way?
A. Demand will increase.
B. Demand will decrease.
C. Demand will not change.
D. This would only affect supply and not demand.
Answer: C
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Certain actions by oligopolistic firms can lead to collusion even when they formally do not agree to cooperate
a. True b. False Indicate whether the statement is true or false
World output of goods and services increases with specialization because
A. The world's workers are more educated than before specialization. B. Each country's workers are willing to work harder than they did before specialization. C. Each country's production possibilities curve shifts rightward. D. The world's resources are being used more efficiently.
The marginal tax rate and the average tax rate are the same under a
A. regressive income tax system. B. progressive income tax system. C. proportional income tax system. D. none of these.
Refer to the above table. The table gives the various combinations of Good A and Good B along Jane's indifference curve. The marginal rate of substitution when Jane goes from combination C to combination D is
A. 4:1. B. 3:1. C. 2:1. D. 0.