Which of the following is not a symptom associated with a price floor?
a. Excess of quantity demanded over quantity supplied.
b. Sellers offering discounts in disguised forms.
c. Problem of disposal created by excess supply.
d. Survival of inefficient businesses.
a
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In a prisoners' dilemma game, in the Nash equilibrium
A) neither player gets his or her best outcome. B) both players get their best outcome. C) one player gets his or her best outcome and the other player does not. D) collusion would not alter the outcome. E) Either answer A or C might be correct depending on whether the players communicate with each other or do not communicate with each other.
________ is the market structure in which there are many rival firms producing differentiated products
A) Perfect competition B) Monopolistic competition C) Monopoly D) Oligopoly
Which of the following is true of trademarks?
A) If a firm is granted a trademark, then no other firms can legally produce similar products for a given period of time. B) A successful trademark is one that allows consumers to immediately identify the source or producer of the product. C) If a firm is granted a trademark, then no other firms can legally sell in the same geographic area for a given period of time. D) A successful trademark is one that becomes a generic name for a product, for example, "Xerox" has become a generic term for making photocopies.
Once the Phillips curve has shifted down, the economy is ________ because ________
A) better off; every unemployment rate becomes associated with a higher inflation rate B) better off; every inflation rate becomes associated with a lower unemployment rate C) worse off; every inflation rate becomes associated with a higher unemployment rate D) worse off; every unemployment rate becomes associated with a lower inflation rate