The evolution of macroeconomic theory
A) usually precedes and causes major macroeconomic events.
B) usually is in reaction to major macroeconomic events.
C) is evenly divided between causing and reacting to major macroeconomic events.
D) proceeds rather independently of major macroeconomic events.
B
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Innovative ideas often exist in an environment of uncertainty, and their probabilities of success usually cannot be determined in an objective way
Indicate whether the statement is true or false
The demand curve will be kinked if rival oligopolists
A. Match both price increase and price reductions. B. Do not match price changes at all. C. Match price increases but not price reductions. D. Match price reductions but not price increases.
Referring to the Economics in Practice on page 320: A successful celebrity endorsement of a product will likely shift the demand curve for the product to the ________, resulting in ________ in the equilibrium price of the item.
A. right; a decrease B. left; a decrease C. left; an increase D. right; an increase
Since there are long waiting lists for tickets to events that regularly occur (Duke basketball, the August NASCAR race in Bristol, Tennessee, etc.), a profit-maximizing promoter would
A. raise ticket prices. B. eliminate seating. C. lower ticket prices. D. eliminate the event altogether.