The greater the consumer's reluctance to shift brands, the lower the price elasticity of demand
a. True
b. False
Indicate whether the statement is true or false
True
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If the union leader has already sent strikers to the picket line before entering negotiations, the union has
a. Eliminated half of the strategies of the game b. Forced the firm to choose the best response in the union's best interest c. Made it in the firm's best interest to accommodate their requests d. All of the above
Define the following terms and explain their importance to the study of economics
a. maximin criterion b. Nash equilibrium c. Dominant Strategy d. Zero-sum game e. Credible threat
If point C is now 9 units of guns and 8 units of butter, the maximum units of guns possible to produce is 17 and the maximum units of butter possible to produce is 13, the production possibility curve would have shifted _____________ (outward/inward).
The fact that any Pareto-efficient equilibrium can be achieved through competition by adjusting endowments is called
A) the Second Welfare Theorem. B) the First Welfare Theorem. C) the Third Welfare Theorem. D) That is not possible.