On a certain supply curve, one point is (quantity supplied = 200, price = $2.00) and another point is (quantity supplied = 250, price = $2.50). Using the midpoint method, the price elasticity of supply is about
a. 0.2.
b. 0.5.
c. 1.0.
d. 2.5.
c
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In which of the following situations would a firm be more likely to rely on a capital-intensive method of production?
A) When the rate of technological innovation is low. B) When capital is relatively expensive. C) When the firm's output cannot be produced using the assembly line method of production. D) When labor supply is limited relative to the available amount of capital.
Which voter is the voter whose views on a policy issue are in the middle of the spectrum, with half of the voters on one side of this voter's view and half on the other side
a. Average voter b. Mean voter c. Modal voter d. Median voter
Which of the following is most likely to be found in a perfectly competitive market?
a. 10 buyers and sellers b. 50 buyers and sellers c. 100 buyers and sellers d. 5,000 buyers and sellers
Which of the following conditions, if present, is sufficient to make a game cooperative?
A) Individual payoffs are greater if all players choose the same strategy. B) Players can communicate with each other. C) Players can negotiate binding contracts committing them to particular strategies. D) Players must agree unanimously on any set of strategies. E) The payoff that is highest for all individuals together is also highest for each individual player.