An outward shift of the production possibilities curve represents
A) economic contraction.
B) economic growth.
C) economic recession.
D) economic inflation.
B
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Refer to Figure 6-9. The data in the diagram indicates that DVDs are
A) luxury goods. B) inelastic goods. C) necessities. D) both luxury goods and inelastic goods. E) both necessities and inelastic goods.
The ability to make counteroffers transforms bargaining from a game in which ________ trumps everything to a game in which ________ is the winning strategy.
A. first-mover advantage; patience B. patience; first-mover advantage C. commitment strategy; self-interested behavior D. first-mover advantage; cooperation
A formalwear shop will earn a net income of $1,500 per year on a tuxedo. A tuxedo is good for two years, after which it will be worn out and worthless. If the interest rate is 10 percent (0.10) per year, what is the present value of a new tuxedo to the shop? (Assume that each year's income is received at the end of the year.)
a. $148.76 b. $2,955.30 c. $2,955.59 d. $2.603.31 e. $3,000.00
Which of the following is true?
A. Monopolists never lose money in the short-run or long-run. B. Monopolies can only be overcome by government action. C. Having a recognizable brand name is a barrier to entry that can preserve monopoly power. D. Patents are granted to investors who have control over an essential resource.