Refer to the information provided in Table 2.1 below to answer the following question(s).
Table 2.1?KrystalMarkWriting Poems812Writing TV Commercials24Refer to Table 2.1. For Mark, the opportunity cost of writing six TV commercials is ________ poems.
A. 2
B. 18
C. 24
D. an indeterminate number of
Answer: B
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Refer to Figure 3.2. The Nash equilibrium is where
A) Wilma plays North and Betty plays West. B) Wilma plays North and Betty plays East. C) Wilma plays South and Betty plays East. D) There is no Nash equilibrium in this game.
The above figure shows the relationship between the price of a slice of pizza and how many slices of pizza Ricardo buys in a week. Between points A and B, the slope of the line is ________ the slope of the line between points B and C
A) greater than B) equal to C) less than D) unrelated to E) not comparable to
Refer to Figure 28-9. Fed Chairman Paul Volcker's response to high inflation of the late 1970s is depicted in the figure above as a movement from
A) A to D to C. B) A to B to C. C) C to E to B. D) C to D to A. E) C to B to A.
In the short run
a. wages are slow to adjust to changes in supply and demand b. most producers will reduce their production levels when inflation rises c. business sales revenues rise slower than costs, when inflation occurs d. all