The ____ is at the center of the market process
A) managers
B) shareholders
C) entrepreneur
D) none of these choices.
C
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The income elasticity of demand is ________ for a normal good and ________ for an inferior good
A) positive; positive B) positive; negative C) negative; positive D) negative; negative
In a mixed-strategy Nash equilibrium, a player is willing to randomize because:
a. this confuses opponents. b. he or she is indifferent between the actions in equilibrium. c. the actions provide the same payoffs regardless of what the other player does. d. he or she does not know what the other player is doing.
In an oligopoly, the price effect is:
A. the increase in price from lowering the quantity sold. B. the decrease in total revenue that occurs because the increase in quantity will push the market price down. C. the increase in output that comes from raising the price. D. the increase in total revenue due to the money brought in by the sale of additional units.
Refer to the information provided in Figure 30.2 below to answer the question(s) that follow.
Figure 30.2Refer to Figure 30.2. Between times t3 and t4, labor is
A. more productive because growth in employment exceeds growth in output. B. less productive because growth in employment is less than growth in output. C. more productive because growth in employment is less than growth in output. D. less productive because growth in employment exceeds growth in output.