A more elastic demand for a good would generally result from
a. an increase in the supply of that good
b. an increase in the number of substitutes for that good
c. a decrease in the number of substitutes for that good
d. smaller consumer incomes
e. a reduction in the number of consumers
B
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Answer the following statement(s) true (T) or false (F)
1. The Battle of the Sexes game has two Nash equilibria, neither of which is Pareto optimal. 2. All outcomes in the Copycat Game are Nash equilibria. 3. A solution concept is any way of analyzing a game which leads to the discovery of a Nash equilibrium which solves the game. 4. The concept of Nash Equilibrium is an important solution concept because it helps make predictions. 5. When a game has more than one Nash equilibrium, it is unlikely that a stable equilibrium will ever be reached.
Trusts were groups of firms that acted together to raise prices above competitive levels
a. True b. False Indicate whether the statement is true or false
Which of the following is considered a barrier to entry?
A.) Price taking B.) Standardized products C.) Brand Loyalty D.) Economic profit
Expenditures for attending college can be viewed as an investment in human capital.
Answer the following statement true (T) or false (F)