Jane purchases snickle-dees only because her friends do. This is
A) price-leadership.
B) negative-sum game.
C) positive market feedback.
D) negative market feedback.
C
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What is meant by sniping in an auction? Does it make sense to snipe to win an auction?
What will be an ideal response?
A negative supply shock in the short run causes
A) unemployment to fall. B) the aggregate supply curve to shift to the left. C) equilibrium real GDP to rise. D) the price level to fall.
An example of a price shock is ________
A) an increase in wages as a result of higher expected inflation B) the arrival of immigrants seeking employment C) the decline in autonomous spending that results from rising unemployment D) all of the above E) none of the above
Darlene runs a fruit and vegetable stand in a medium-sized community where there are many such stands. Her weekly total revenue equals $3,500 . Her weekly total cost of running the stand equals $3,500, consisting of $2,500 of variable costs and $1,000 of fixed costs. An economist would likely advise Darlene to: a. shut down as quickly as possible because the stand is generating losses
b. keep the stand open because it is generating a normal profit. c. keep the stand open for a while longer because she is covering all of her variable costs and some of her fixed costs. d. keep the stand open for a while longer because she is covering all of her fixed costs and some of her variable costs.