Suppose when the price of hybrid automobiles rises, consumers buy fewer hybrid automobiles. This implies that
A) there is a direct relationship between hybrid automobile prices and quantities purchased by consumers.
B) there is a one-to-one relationship between hybrid automobile prices and quantities purchased by consumers.
C) there is a positive relationship between hybrid automobile prices and quantities purchased by consumers.
D) there is a negative relationship between hybrid automobile prices and quantities purchased by consumers.
D
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One of the applications of game theory is a mathematical analysis of: a. competitive markets
b. competitive sports. c. the probability of various outcomes. d. interdependent decision making.
The inputs used to produce goods and services are called
a. profit factors. b. marginal products. c. labor demands. d. factors of production.
?Refer to Exhibit 15-5. In the game:
a. ?the dominant strategy of General Mills is to set a high price.
b. ?the dominant strategy of Kellogg's is to set a low price.
c. ?the dominant strategy of Kellogg's is to set a high price.
d. ?neither firm has a dominant strategy.
Automatic stabilizers are considered
A) discretionary fiscal policies. B) discretionary monetary policies. C) non-discretionary fiscal policies. D) non-discretionary monetary policies.