Fashion trends are a nonprice determinant for demand because
A) they cause a movement along the demand curve.
B) they influence people's tastes and preferences in clothing.
C) they change the supply of accessories.
D) they do not affect demand.
Answer: B
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Complete information sequential games can be represented in payoff matrices and complete information simultaneous games can be represented in game trees with information sets.
Answer the following statement true (T) or false (F)
Economist George Borjas has estimated the net benefits (+)/costs (-) to the United States from labor immigration to be approximately:
a. +10% of GDP. b. -5% of GDP. c. +0.1% of GDP. d. 0.5% capital loses and 0.8% labor gains.
Figure 8.7 shows a successful price-fixing arrangement (cartel) between two identical firms. If the cartel collapses and the two firms compete against each other, each firm's profit will be ________ and the quantity will be ________.
A. smaller; smaller B. smaller; greater C. greater; smaller D. greater; greater
Negotiations between the management of a company and the management of a union for the purpose of setting a mutually agreeable contract on wages, fringe benefits and working conditions for all employees in a union is know as
A) a closed shop. B) a union shop. C) collective bargaining. D) an industrial union.