Goods and services that are used up in the production of other goods and services are called ________ goods and services.
A. value added
B. final
C. nominal
D. intermediate
Answer: D
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From 8 P.M. to 10 P.M., Susan can attend a movie, study, or talk with friends. Suppose that Susan decides to go to the movie but thinks that, if she hadn't, she would otherwise have talked with friends
The opportunity cost of attending the movie is A) talking with friends and studying. B) studying. C) talking with friends. D) two hours of time.
A trigger strategy is one in which a player
A) cooperates in the current period if the other player cooperated in the previous period, but cheats in the current period only if the other player cheated in the previous period. B) cheats in the current period if the other player cooperated in the previous period, but cooperates in the current period if the other player cheated in the previous period. C) cooperates in the current period if the other player has always cooperated, but cheats forever if the other player ever cheats. D) cheats in the current period if the other player has always cheated, but cooperates forever if the other player has ever cooperated.
Economies of scale for firms in an industry can limit competition
Indicate whether the statement is true or false
Firms should raise the prices on their goods
a. If the demand for the product is elastic b. If it acquires a firm selling a complement good c. If it acquires a firm selling a substitute good d. Both a and c