Refer to Figure 11-13. The lines shown in the diagram are isocost lines. Which of the following shows an increase in the price of labor while the price of capital remains unchanged?
A) the movement from BF to CE B) the movement from BF to BD
C) the movement from AF to BD D) the movement from AF to CE
B
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If a prisoners' dilemma game is played repeatedly, what punishment strategies might the players employ and how does playing the game repeatedly change the equilibrium?
What will be an ideal response?
By focusing the customers on the price of a product, you make
a. The demand for the product more inelastic b. The customers less price sensitive to the product c. Both A & B d. None of the above
Varying the quantity of output produced and sold at preset prices is called:
A. self-correcting economics. B. Okun's law. C. meeting demand. D. spurring inflation.
When the own price elasticity of good X is ?3.5, then total revenue can be increased by:
A. decreasing the quantity supplied. B. decreasing the price. C. increasing the price. D. neither increasing the price, decreasing the price, nor decreasing the quantity supplied.