Describe the demand curve for a Giffen good
What will be an ideal response?
The demand curve for a Giffen good slopes upward, indicating that the quantity demanded increases when the price increases, and the quantity demanded falls when the price decreases.
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A benefit-based standard is one that
a. considers the benefits balanced with the costs of that standard b. maximizes the marginal external benefit (MEB) of the standard c. is set to the point at which MEB is zero d. none of the above
The theory of investment that emphasizes the roles of real interest rates and taxes is known as the
A) multiplier model. B) accelerator model. C) Q-theory of investment. D) neoclassical theory of investment.
In regard to crowd funding, it was expected that the SEC would limit the amount that small investors can invest in any one company to no more than:
A) $1000 B) $10,000 C) $100,000 D) $1,000,000
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.The game in the figure shown is a version of:
A. a cooperative game. B. an ultimatum. C. a simultaneous game. D. a sequential game.