If Sarah decides not to hit Tom, what would Tom's best response be
a. Tell
b. Not tell
c. Run
d. Hide
a
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Which of the following will not lead to increase in the marginal revenue product?
A. MPP increases without any changes in the price. B. Price of the product increases without any changes in MPP. C. MPP and price of the product increase. D. MPP remains the same and price of the product falls.
Which of the following is not a fungible commodity?
A. Electricity B. Silver C. Oil paintings D. All of these are fungible commodities.
Politicians often argue for tariff increases in order to reduce the nation's dependence on imports. If tariffs are increased, the long-run effect is most likely to be:
A. an increase in American imports, and a decrease in American exports. B. an decrease in American imports, and an increase in American exports. C. an increase in both American imports and exports. D. a decrease in both American imports and exports.
Which is the best summary of this graph?
a. An increase in demand eventually leads to higher equilibrium price and quantity.
b. An increase in demand leads to a shift in the supply curve.
c. A higher equilibrium price and quantity leads to an increase in the quantity supplied.
d. An increase in demand eventually leads to lower equilibrium price and quantity.