Television stations have seemingly synchronized their commercial breaks. This is likely an example of
A) tacit collusion.
B) explicit collusion.
C) mixed strategies.
D) pure strategies.
A
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The omission of household production causes actual economic production to be underestimated
Indicate whether the statement is true or false
As you consume additional hamburgers, the relationship between total and marginal utility is that
A) both total and marginal utility increase continuously. B) both total and marginal utility decrease continuously. C) total utility increases, but marginal utility decreases. D) total utility decreases, but marginal utility increases.
All of the following are assumptions made by the dynamic model of aggregate demand and aggregate supply except
A) the short-run aggregate supply curve shifts to the right except during periods when workers and firms expect higher wages. B) aggregate demand and potential real GDP decrease continuously. C) potential real GDP increases continuously. D) the aggregate demand curve shifts to the right during most periods.
If demand is __________ and price is __________, total revenue will _________.
A. inelastic; raised; increase B. elastic; raised; increase C. inelastic; lowered; increase D. elastic; lowered; decrease