An increase in the price of football tickets will cause the ________ for (of) basketball tickets (a substitute) to ________ .
A) demand; increase
B) demand; decrease
C) supply; decrease
D) supply; increase
Ans: A) demand; increase
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A bond is
A. a claim on the assets of a corporation such that the purchaser has an ownership right in the corporation. B. anything of value to which the firm has a legal claim. C. a means of assuring that the business firm will pay its debts or fulfill other legal obligations. D. a promise to pay for the use of someone else's money.
If average labor productivity decreases while population and the number of employed workers remain constant, then total output:
A. increases. B. decreases. C. may increase or decrease. D. remains constant.
When players cannot achieve their goals because they are unable to make credible threats or promises, the situation is called a:
A. prisoner's dilemma. B. failure of dominant strategies. C. Nash equilibrium. D. commitment problem.
Which of the following best illustrates a perfectly competitive market?
A. jeans B. breakfast cereal C. electric power D. soybeans