Elasticity of demand equals the ratio of the percentage change in quantity demanded to the percentage change in the price of the good
a. True
b. False
Indicate whether the statement is true or false
True
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A patent grants
A) a guarantee of quality to consumers. B) the right to practice a profession. C) an exclusive right to an inventor of a product. D) control over a unique source or supply of raw materials.
The prisoner's dilemma game:
A. is a zero sum game. B. is a game of chance. C. is a game with no dominant strategies. D. is a game with a stable equilibrium.
A market in which adverse selection occurs is often called a lemons market
a. True b. False Indicate whether the statement is true or false
Supply-side economists encourage government to reduce taxes, deregulate, and increase spending on research and development because they think that these types of policies lead to greater long-run economic growth
a. True b. False Indicate whether the statement is true or false