Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2.
B. P2 and Y2.
C. P3 and Y1.
D. P2 and Y3.
Answer: D
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If a game has a pure strategy Nash equilibrium then
A) it might also have a mixed strategy equilibrium. B) it does not have a mixed strategy equilibrium. C) at least one player has a dominant strategy. D) no player has a dominant strategy.
The amount that a seller is paid for a good minus the seller’s actual cost is called:
a. producer surplus. b. consumer surplus. c. total surplus. d. demand surplus.
What is the equilibrium price (P) and quantity (Q - in thousands) of bird feeders?
A) P = $10; Q = 25 thousand B) P = $35; Q = 20 thousand C) P = $20; Q = 20 thousand D) P = $5; Q = 30 thousand
When price level in the United States rises,
A. there is a increased demand for borrowed money. B. producers' demand for new machinery increases, contributing to an increase in aggregate demand. C. Americans tend to buy more foreign goods and services. D. the French, Canadians, and Japanese would find our exports more attractive.