A particular brand of red soda was pulled from the market because company executives felt it was not modern enough. Immediately, people began contacting the company asking for the product to return, threatening to quit buying the company’s other products, and expressing their desire to pay a premium for the red soda. As a result, the company put it back on the market. This is an example of ______.
a. production possibilities
b. centralized planning
c. government bureaucracy
d. consumer sovereignty
a. production possibilities
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Refer to Table 14-5. Does Ming have a dominant strategy? If yes, what is it?
A) Yes, Ming's dominant strategy is to wait to see what Henri does first. B) No, Ming does not a dominant strategy - his best outcome depends on what Henri does. C) Yes, Ming's dominant strategy is to not to offer free pickup and delivery. D) Yes, Ming's dominant strategy is to offer free pickup and delivery.
Refer to Figure 9.3. If the government establishes a price ceiling of $1.00, total consumer and producer surplus will be
A) $1.50. B) $300. C) $450. D) $500. E) $600.
Suppose residents of Toadhop live on the Quabache River, a river prone to flooding. Suppose there are 1000 (type A) people who value flood control more than the 1000 (type B) people. Type A Demand QD = 100 ? P Type B Demand QD = 50 ? P Where Q measures the quality of flood control. If the price of a unit of flood control is $100,000 and the citizens of Toadhop gather for a townhall meeting to
find the socially optimal level of flood control, and they are successful, how much will each type B individual contribute in total? a. 1875 b. 1500 c. 875 d. 625
If you wanted to compare the quantity of output of a country across time periods, which of the following would you use?
a. the consumer price index b. nominal GDP c. the GDP deflator d. real GDP