Monopoly pricing reduces consumer surplus.
Answer the following statement true (T) or false (F)
True
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Kyle and Stan are playing Odds or Evens, where Kyle is designated as the "odd" player and Stan is designated as the "even" player. They decide to play the game 10 times. At the mixed-strategy equilibrium in this zero-sum game,
A) each player's expected payoff equals zero. B) one player earns all possible points and the other player earns zero points. C) one player's payoff is positive and the other player's payoff is negative. D) There is never an equilibrium in a zero-sum game.
Which of the following groups exerts the most control over the money supply in the United States?
a. The executive branch of government b. The legislative branch of government c. The judicial branch of government d. The Federal Reserve e. The U.S. Treasury Department
Suppose farmers can use their land to grow either wheat or corn. The law of supply predicts that an increase in the market price of wheat will cause farmers to:
A. raise the production of wheat and corn. B. lower the production of corn and wheat. C. substitute corn for the production of wheat. D. substitute wheat for the production of corn.
The price elasticity of demand for bottled water in New York is -3, and the price elasticity of demand for bottled water in Florida is -0.6. In other words, demand in New York is ________ and demand in Florida is ________.
A. elastic; unit elastic B. elastic; inelastic C. inelastic; elastic D. inelastic; unit inelastic