Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth.
B. a change in society's preferences for motorcycles versus hybrid cars.
C. a reduction in unemployment.
D. an improvement in technology.
Answer: B
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Refer to the normal-form game of advertising shown below.Firm AFirm B??AdvertiseDo Not Advertise?Advertise$0,$0$175,$10?Do Not Advertise$10,$175$125,$125Suppose there is a 90 percent chance that the advertising game depicted in Figure 10-17 will end next period. The collusive agreement {(not advertise, not advertise)} is:
A. sustainable since $11.11 > $50. B. sustainable since $175 < $138.89. C. unsustainable since $11.11 > $50. D. unsustainable since $175 < $138.89.
A supply schedule
A) can be used to generate a supply curve. B) is a table reflecting the inverse relationship between price and quantity supplied. C) shows what happens to quantity supplied when price is held constant. D) all of the above.
Cassie's Quilts alters, reconstructs, and restores heirloom quilts. Cassie has just spent $800 purchasing, cleaning, and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished
After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What is her marginal benefit if she sells the quilt "as is" now? A) $100 B) $900 C) She makes a marginal loss of $600, not a marginal benefit. D) The marginal benefit cannot be determined.
If Holly's demand for fast food decreases as her income rises, then
a. fast food is a normal good for her b. the law of demand must apply c. fast food is a complementary good d. fast food is an inferior good for her e. fast food is a substitute good