What do economists call a situation in which consumers buy a different quantity than they did before, at every price?
(A) A move along the demand curve.
(B) A shift in size of the demand curve.
(C) A change in expectations.
(D) A change in demand.
Ans: (D) A change in demand.
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For collusion to make sense, the payoff matrix must be a
A. positive-sum game. B. zero-sum game. C. negative-sum game. D. negative-positive-sum game.
Refer to the accompanying figure. The opportunity cost of producing one bushel of corn is:
A. 250 bushels of wheat. B. ½ of a bushel of wheat. C. 500 bushels of wheat. D. 2 bushels of wheat.
Organizing production, obtaining financing, assigning workers to jobs, and dealing with suppliers are among the ways that ________ increases average labor productivity.
A. a manager B. an entrepreneur C. human capital D. physical capital
If the government wants to encourage the consumption of a particular good, they should enact:
A. a subsidy to buyers, since they deserve the benefit more than the producers. B. a subsidy on either buyers or sellers, since they will both have the same effect on the market. C. a subsidy to buyers, since they want to affect consumption of the good. D. a subsidy to sellers, since they want more to be produced and offered for sale.