Refer to Table 14-8. If the firms cooperate, what prices will they select?
A) Brawny Juice will select a low price; Power Fuel a high price.
B) Both firms will select a high price.
C) Brawny Juice will select a high price; Power Fuel a low price.
D) Both firms will select a low price.
B
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This Application addresses the idea that
A) imports ultimately have a positive impact on all communities. B) imports have a bigger impact on some communities than on others. C) imports are only beneficial to a community if they are equally matched by exports from that community. D) imports have an equal impact on all communities.
If a rent ceiling is set below the equilibrium price, thus creating a ________, housing may be allocated by increasing search activity or creating a ________
A) shortage; black market B) shortage; free market C) surplus; black market D) surplus; open market E) surplus; free market
When the economy is in a recession, ____ rises and poverty ____
a. unemployment; decreases b. employment; decreases c. unemployment; increases d. employment; increases
Andy wants to maximize his grade-point average. Having spent six hours studying for his final exam in economics, Andy calculates his grade and discovers that even with a perfect score on the final, he will not pass the course. He decides to study two more hours so he will not have wasted the first six hours. Is this a good decision? Why or why not?