Goods with upward sloping demand curves are referred to as
A) luxury goods. B) substitute goods. C) Giffen goods. D) Marshall goods.
C
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Suppose the equilibrium price of wheat is $2.25 per bushel. At a price below that,
What will be an ideal response?
Which of the following best describes a situation where research is considered relatively fertile?
A) research that translates into many new products B) research that costs the firms relatively little money C) research that cannot be easily copied by other firms D) all of the above E) none of the above
The number of Mexican pesos required to buy the same number of goods and services in Mexico as one U.S. dollar buys in the United States is a description of the ________ exchange rate
A) actual B) real C) purchasing power parity D) chain-weighted
Answer the following statements true (T) or false (F)
1) Most games that managers face are one-shot games. 2) Managers of firms in a finitely repeated pricing game who want to engage in tacit collusion should consider methods to create a chance that the game will continue beyond the final period. 3) The credibility of an announcement by a firm's rival depends on how closely the firm's interests align with its rival. 4) If the manager of Propane R US wants to enhance the credibility of a threat it made to its rival firms, the managers of Propane R Us should keep their rivals in the dark about their planned actions. 5) It is optimal for a manager to make unpredictable decisions when a rival firm can benefit at the expense of the manager's decisions.