According to the above table, the value of MPS is
A. 0.1.
B. 0.9.
C. 0.2.
D. increasing as real disposable income rises.
Answer: A
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The "law of supply" refers to the fact that, all other things remaining the same, when the price of a good rises
A) the supply curve shifts leftward. B) the supply curve shifts rightward. C) there is a movement up along the supply curve to a larger quantity supplied. D) there is a movement down along the supply curve to a smaller quantity supplied.
Generally, expenses on a truck are a large part of a consumer's budget, so the demand for trucks is more likely to be
a. elastic b. inelastic c. unit elastic d. perfectly elastic
A demand curve represents a(n)
A) direct relationship between price and quantity demanded. B) direct relationship between price and demand. C) indirect or inverse relationship between price and quantity demanded. D) indirect or inverse relationship between price and supply.
Which of the following is a game theory strategy for oligopolists to avoid a low-price outcome?
a. Tit-for-tat b. Win-win c. Last in-first out d. Second best