In the long run, price elasticities of demand are usually __________
a. less than they are in the short run because people can adjust
b. the same as they are in the short run because tastes don't change
c. greater than they are in the short run because prices rise over time
d. less than they are in the short run because real prices fall over time
e. greater than they are in the short run because consumers have time to adjust
E
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If net taxes exceed government expenditures, the government sector has a budget ________ and government saving is ________
A) surplus; positive B) surplus; negative C) deficit; positive D) deficit; negative
A new Mexican restaurant opened in the town of Manchester. The residents of the town are
a. happy because of the product-variety externality, while other restaurant owners are unhappy because of the business-stealing externality. b. happy because of the business-stealing externality, while other restaurant owners are unhappy because of the product-variety externality. c. unhappy because of the product-variety externality, while other restaurant owners are happy because of the business-stealing externality. d. unhappy because of the business-stealing externality, while other restaurant owners are happy because of the product-variety externality.
In a market economy, society relies on the self-interest of individuals to determine what, how, and for whom to produce.
Answer the following statement true (T) or false (F)
When a player in a game adopts a strategy which always yields the highest benefit regardless of what the other player does, that player is using a(n)
A) opportunistic strategy. B) dominant strategy. C) tit-for-tat strategy. D) aggressive strategy.