Ranchers can raise either cattle or sheep on their land. Which of the following would cause the supply of sheep to increase?
A) an increase in the price of sheep B) a decrease in the price of cattle
C) an increase in the price of sheep feed D) an increase in the demand for cattle
B
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The effect of a shift in the aggregate demand curve due to an increase in consumer confidence will be:
A. an increase in both prices and output in the short run. B. a decrease in prices only in the long run; output will remain the same. C. a decrease in both prices and output in the short run. D. an increase in output only in the long run; prices will remain the same.
Elasticity of demand equals the ratio of the percentage change in quantity demanded to the percentage change in the price of the good
a. True b. False Indicate whether the statement is true or false
A commitment strategy can:
A. be used to change people's payoffs to gain cooperation. B. result in a positive-positive outcome. C. allow players to reach a mutually beneficial equilibrium that would otherwise be difficult to maintain. D. All of these statements are true.
If the cost were greater than the marginal benefit of a good:
A. consumers could increase their utility by buying less. B. social net benefit would be maximized. C. consumers could increase their utility by buying more. D. producers should increase production.