According to the graph shown, if this economy were an autarky, producers would enjoy area:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. A.
B. ABC.
C. H.
D. HDE.
D. HDE.
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Suppose milk and chocolate syrup are complements (mixed together they make chocolate milk). If the price of milk increased by exactly 25%, the economic way of thinking suggests
A) the demand for milk would decrease. B) the demand for chocolate syrup would decrease. C) the demand for milk would decrease by exactly 25%. D) the demand for chocolate syrup would decrease by exactly 25%.
The average product curve
A) initially falls then rises. B) rises as average variable cost increases. C) initially rises and then falls. D) shows how productivity changes as output changes. E) intersects the marginal cost curve when the average product curve is at its maximum.
According to Martha Olney why did blacks buy on installment at almost twice the rate of whites?
a. Installment contracts were formal and could be used legally for repossession while credit agreements could not. b. Blacks did not like to buy things on credit. c. Blacks were more likely than whites to purchase goods that required installment purchases. d. It was easier for blacks, who tended to have lower income than whites, to pay off their debts on a regular schedule that the installment plans offered.
This prisoner's dilemma game shows the payoffs associated with two firms, A and B, in an oligopoly and their choices to either collude with one another or not.
Given the situation in the matrix shown, the two firms are likely to collude only if:
A. The two firms will always choose to compete. B. they will only make the decision once. C. they are the only two firms with dominant market share. D. it is a repeated game.