Macroeconomics is the study of
a. individual decision makers.
b. international trade.
c. economy-wide phenomena.
d. markets for large products.
c
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Refer to Game Matrix I. If this game is played sequentially with Player A choosing first, the Stackelberg equilibrium is
a. the upper left-hand corner.
b. the upper right-hand corner.
c. the lower left-hand corner.
d. the lower right-hand corner.
The basic reason that your college's women's basketball tickets are rarely, if ever, scalped is because
A. no one would ever pay more than the face value for such a ticket. B. women's basketball is exempt from the laws of supply and demand. C. brokers/scalpers just have not yet hit your city. D. sellouts are required for scalping to work, and these games rarely sell out.
Singapore has a system of traffic regulation called Electronic Road Pricing, in which traffic congestion is reduced by charging motorists who drive into the city center during certain hours of the day. Charging for use of a road is:
A. a quantity restriction, as the system involves charging motorists only if they drive into the city center during "certain hours" of the day. B. a price ceiling that reduces the excess demand for road usage. C. shifting from a third-party-payer-market to one in which individual consumers have to pay for their consumption of road usage, thus seeking to reduce excess demand. D. a price floor that eases the shortage caused by the natural limit to how much roads can be built in a certain geographic area.
A perfectly competitive market:
A. is dominated by one firm. B. consists of at most five firms. C. is made up of a large number of firms. D. consists of only one firm.