When the fox is guarding the henhouse, that is an example of the
A) share-the-gains, share-the-pains theory.
B) regulatory hypothesis.
C) capture hypothesis.
D) creative theory.
C
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Indifference curves are convex because of the diminishing
a. law of demand b. income c. prices d. choices to consumers e. marginal rates of substitution
In a two-player simultaneous game where neither player has a dominant strategy,
A) there is never a Nash equilibrium B) there is only one Nash equilibrium C) the actual outcome can be unpredictable D) the actual outcome will not be a Nash equilibrium
A lower price level combined with a decrease in real GDP occurs when the
A) short-run aggregate supply curve shifts rightward. B) short-run aggregate supply curve shifts leftward. C) aggregate demand curve shifts rightward. D) aggregate demand curve shifts leftward.
If the elasticity of supply is 4, a 10 percent increase in the price of a good leads to a
A) 40 percent increase in the quantity of supply. B) 4 percent decrease in the quantity demanded. C) 2.5 percent increase in the quantity supplied. D) 2.5 percent decrease in the quantity demanded.