In a market economy, opportunity costs are always synonymous with explicit monetary costs.
Answer the following statement true (T) or false (F)
False
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Answer the following statement(s) true (T) or false (F)
1. Producers’ decisions are modeled through the demand function, and consumers’ decisions are captured by the supply function. 2. Two characteristics of a private good are rivalry in consumption and excludability. 3. A change in price results in a shift in the demand curve. 4. The demand price represents the consumer’s willingness to pay for the good. 5. Conventionally, the graph of demand uses the inverse form of the demand function, which isP = f(QD).
When inflation rises, people will desire to hold
a. less money and will go to the bank less frequently. b. less money and will go to the bank more frequently. c. more money and will go to the bank less frequently. d. more money and will go to the bank more frequently.
Assume that coffee and tea are substitutes. When the price of coffee increases
A) the supply of tea increases. B) the demand for tea decreases. C) the demand for tea increases. D) the supply of tea decreases.
An equilibrium in game theory in which the players make and share the monopoly profit is called
A) the Nash equilibrium. B) the cooperative equilibrium. C) a contestable market equilibrium. D) limit pricing.