Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If there is a drought in the wapanzo bean growing region then supply will ________ and demand will ________
A) become case A; become case 1
B) become case A; stay at case 2
C) stay at case B; become case 3
D) stay at case B; become case 1
B
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Refer to the table below. Suppose all firms in this industry have identical costs to this firm and are producing 15 units of output. One can predict thatQuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. firms will attempt to lower their implicit costs. B. price must rise. C. new firms will enter the industry. D. old firms will exit the industry.
In the organ donation game, donating an organ is a tough strategy
Indicate whether the statement is true or false
The implication of the prisoners' dilemma for a long-run strategy is for firms to
a. Do nothing b. Differentiate your product that competitors cannot imitate c. Figure a way to lower their costs d. Both b and c
If an individual's supply of labor curve is positively sloped throughout, then
a. the substitution effect always dominates the income effect. b. the income effect always dominates the substitution effect. c. the substitution effect dominates at low real wage levels and the income effect dominates at high real wage levels. d. the income effect dominates at low real wage levels and the substitution effect dominates at high real wage levels.