Frank purchases snickle-dees only because his friends do. This is a
A. dominant strategy
B. negative-sum game.
C. positive market feedback.
D. negative market feedback.
Answer: C
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Refer to the above figures. A positive externality exists that has not been corrected. Price and quantity will be
A) P1 and Q1. B) P2 and Q2. C) P3 and Q3. D) P4 and Q4.
If you believe that a worker should be paid on the basis of what he or she produced, you believe in
A. the egalitarian principle. B. the comparative worth principle. C. the benefits standard. D. the productivity standard.
Engineers for The All-Terrain Bike Company determine that a 10% increase in all inputs will cause an equal percentage increase in output. Assuming that input prices remain constant, you correctly deduce that such a change in inputs will cause ________ as output increases.
A. average costs to decrease B. average costs to increase C. marginal costs to increase D. average costs to remain constant
Shoe leather costs include the ________ due to the more frequent trips to the bank, the new cash management systems and the expanded employment in banks that inflation causes.
A. deflating and indexing that are necessary B. redistribution that occur C. time and effort that are used up D. substitution and price adjustment biases that arise