If price is initially above the equilibrium level,
A) the supply curve will shift rightward.
B) the supply curve will shift leftward.
C) excess supply exists.
D) all firms can sell as much as they want.
C
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If players discount the future sufficiently, cooperation in infinitely repeated Prisoners' Dilemma games cannot emerge as a subgame perfect equilibrium.
Answer the following statement true (T) or false (F)
An export tariff will ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic national welfare
A) increase; decrease; increase; have an ambiguous effect on B) increase; decrease; decrease; decrease C) increase; decrease; have no effect on; have an ambiguous effect on D) increase; decrease; have no effect on; decrease E) increase; increase; decrease; have an ambiguous effect on
Apple is an American company, but its iPhones are assembled in China. The sale of each iPhone then is counted in US GDP as:
A. consumption. B. investment. C. an import. D. an export.
A good that is most likely to be in the producer price index is:
A. gasoline. B. books. C. apples. D. None of these would be in the PPI.