Which of the following would cause a shift to the right of the supply curve for gasoline?
I. A large increase in the price of public transportation.
II. A large decrease in the price of automobiles.
III. A large reduction in the costs of producing gasoline.
A) I only
B) II only
C) III only
D) II and III only
C
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Any non-credible threat that is part of a Nash equilibrium in a sequential game cannot be played along the Nash equilibrium path.
Answer the following statement true (T) or false (F)
The characteristic that distinguishes a monopolistically competitive market from a perfectly competitive market is the:
a. ease of entry. b. number of firms operating in the market. c. degree of government regulation in the activities of the firms. d. differentiation of products. e. extent of market share of each firm.
The income left in the economy after paying for all consumption spending by households and government spending is called _____
a. disposable income b. household saving c. national saving d. national income
An efficiency wage
a. gives an employee an incentive to shirk his duties. b. is lower than the equilibrium wage for that position and region. c. is higher than the equilibrium wage for that position and region. d. both a and b are correct.