Consider Figure 8.9. Relative to the dominant strategy outcome, guaranteed price fixing would lead to:
A. lower prices but higher profits.
B. lower prices and lower profits.
C. higher prices and higher profits.
D. higher prices and lower profits.
Answer: C
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A partnership is limited to how many owners?
A) 2 B) 5 C) less than 10 D) There is no limit to the number of owners.
If Pastry Paradise takes over Sweet Tooth, at what level of production would it be indifferent between which technology is used
a. 500 b. 750 c. 250 d. 125
If a government imposed price ceiling legally sets the price of beef below market equilibrium, which of the following will most likely happen?
a. The quantity of beef demanded will decrease. b. The quantity of beef supplied will increase. c. There will be a surplus of beef. d. There will be a shortage of beef.
For purposes of analyzing the money stock and its relationship to relevant economic variables, money is best thought of as
a. those items that can be readily accessed and used to buy goods and services. b. currency only. c. currency plus all bank accounts. d. currency plus all bank accounts plus bonds.