The disagreement value in a nonstrategic game is most closely related to
a. opportunity costs
b. fixed costs
c. total profit
d. accounting costs
a
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Refer to the figure above. Which of the following statements is correct?
A) After the economy is open to free trade, it will export 6 pens. B) After the economy is open to free trade, it will import 6 pens. C) After the economy is open to free trade, it will export 10 pens. D) After the economy is open to free trade, it will import 10 pens.
Why do negative externalities like pollution result in inefficiency?
a. Because producers artificially restrict their supply. b. Because producers ignore the external costs they impose on third-parties. c. Because producers manufacture more goods than people can afford to buy. d. Because producers will receive an unequal distribution of profits.
From 1960 to 2015, inflation-adjusted wages increased by 165 percent in the U.S., and yet firms more than doubled the amount of labor they employed
a. True b. False Indicate whether the statement is true or false
Suppose that the percentage change in supply is 20%, the price elasticity of supply is 2, and the percentage change in the equilibrium price is 4%. What is the price elasticity of demand?
A. 0 B. 1 C. 2 D. 3