If the demand for textbooks is inelastic, then a decrease in the price of textbooks will
a. increase total revenue of textbook sellers.
b. decrease total revenue of textbook sellers.
c. not change total revenue of textbook sellers.
d. There is not enough information to answer this question.
b
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Perfect substitutes have a constant _____
a. marginal propensity to consume b. marginal propensity to save c. marginal rate of substitution d. marginal rate of return
In an oligopoly market, the Nash Equilibrium a. is a stable outcome despite providing a lower total profit level. b. leads to zero economic profit once the equilibrium is reached. c. results in a output level below that for a monopoly
d. always result in the maximum profit for all firms.
Which point would represent an unattainable combination of resources?
A. Point A
B. Point D
C. Point C
D. Point E
After analyzing his opponent, a tennis player decides to serve 10% of his serves to the left, 50% of his serves to the right, and 40% of his serves at the body of his opponent. This illustrates a
A) deterministic strategy. B) dominant strategy. C) mixed strategy. D) non-game theoretic problem.