Consider Figure 8.9. Becky's dominant strategy is ________ and David's dominant strategy is ________.
A. high; high
B. low; low
C. high; low
D. low; high
Answer: B
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A good way to encourage agricultural production is to
a. encourage farmers to work harder b. subsidize input prices for farmers c. permit farm prices to rise with increasing demand d. create a monopoly firm to buy all farm output e. all of the above
Coupons represent a form of price discrimination because they offer a low-cost way for firms to
A) identify customers with apparently more elastic demand and offer them a lower price. B) retain loyal customers who are not price sensitive. C) offer discounts to consumers who buy larger quantities. D) perfectly price discriminate.
Answer the following statements true (T) or false (F)
1. expenditures included in GDP are usually less than the income component of GDP. 2. Imports constitute a minus figure in national income accounting. 3. Final sales are always larger than the GDP. 4. Personal consumption expenditures account for approximately seven-tenths of the GDP in the United States. 5. In terms of purchasing power parity, Japan has highest per capita GDP in the world.
Fairy Cakes sells birthday cakes in a perfectly competitive market where the market price is $25 per cake. If it decides to increase its production from 10 cakes a week to 12 cakes a week, its weekly revenue will _____
a. decrease by $50 a week b. increase by $25 a week c. increase by $50 a week d. decrease by $20 a week