When the price of a complement (cream) decreases, the demand for the related good (coffee)
A) will fall.
B) remains constant.
C) will shift outward.
D) will shift inward.
C
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As more producers with differing marginal rates of transformation are added, the joint production possibility curve becomes
A) steeper. B) flatter. C) more convex to the origin. D) smoother.
Refer to the figure above. If there is wage rigidity in the market, how much unemployment is created when the labor demand curve shifts to LD2?
A) 20 units of labor B) 30 units of labor C) 10 units of labor D) 40 units of labor
In a prisoners' dilemma game, which of the following strategies gives the best outcome for both prisoners?
A) Both deny (collusion). B) Both confess (not collude). C) One confesses while the other denies. D) none of the above
For a perfectly competitive firm at its long-run competitive equilibrium point
A. P = AR = MR = MC = LATC = AVC. B. P > MR > AR > MC > LATC > ATC. C. P = AR = MR = LATC = ATC = MC. D. P = AR = MR = LATC > ATC = MC.