Elasticity of supply becomes ________ elastic over time because ________
a. less; of the growing scarcity of resources
b. less; suppliers have more time to acquire additional resources to achieve desired capacity
c. more; demand becomes more inelastic
d. more; demand will always continue to increase
e. more; suppliers have more time to acquire additional resources to achieve desired capacity
E
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Refer to the scenario above. If this game is repeated several times, Beth will ________ and Charles will ________
A) not trust; defect B) trust; defect C) trust; cooperate D) not trust; cooperate
How is the lemons problem in the used car market an example of asymmetric information?
What will be an ideal response?
Given that you observe nothing but the high price of the product, you are more likely to infer that
a. The product is low quality b. The product is high quality c. The product is the lowest quality possible d. The product is defective
If the simple money multiplier is 5, the required reserve ratio must be equal to _____
a. 5 percent b. 0 c. 10 percent d. 50 percent e. 20 percent