A situation where quantity demanded exceeds quantity supplied is called a(n) ______.
a. substitution
b. equilibrium
c. shortage
d. surplus
c. shortage
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Which group of features is shared by all games?
A) rules, strategies, payoffs, outcome B) rules, profit, payoffs, outcome C) profit, strategies, payoffs, cheating D) rules, cheating, payoffs, outcome
In the above figure, if the price of pizza falls, the budget line
A) rotates outward and becomes steeper. B) shifts leftward and its slope does not change. C) shifts rightward and its slope does not change. D) rotates inward and becomes flatter.
With capitalism, the allocation of goods and resources is determined by
a. market forces b. centralized planning c. government policy d. traditional customs
The figure below presents information for a one-shot game.Firm AFirm B??Low PriceHigh Price?Low Price(2,2)(10,-8)?High Price(-8,10)(6,6)What are the Nash equilibrium strategies for firm A and B respectively?
A. (high price, low price) B. (low price, low price) C. (high price, high price) D. (low price, high price)