On a downward-sloping linear demand curve, demand becomes more inelastic as price decreases.
Answer the following statement true (T) or false (F)
True
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What is an externality?
a) the impact of society's decisions on the well-being of society b) the impact of a person's actions on that person's well-being c) the impact of a person's actions on the well-being of a bystander d) the impact of society's decisions on the well-being of one person in that society
Mexico and the members of OPEC produce crude oil. Realizing that it would be in their best interests to form an agreement on production goals, a meeting is arranged and an informal, verbal agreement is reached. If both Mexico and OPEC abide by the agreement, then OPEC's profit will be $200 million and Mexico's profit will be $100 million. If both Mexico and OPEC cheat on the agreement, then OPEC's profit will be $175 million and Mexico's profit will be $80 million. If only OPEC cheats, then OPEC's profit will be $185 million, and Mexico's profit will be $60 million. If only Mexico cheats, then Mexico's profit will be $110 million, and OPEC's profit will be $150 million.This game is ________ because ________.
A. a prisoner's dilemma; not cheating is better for both B. a prisoner's dilemma; cheating is better for both C. not a prisoner's dilemma; OPEC does not have a dominant strategy D. not a prisoner's dilemma; cheating is better for both
An economist studies photos of many college football games and estimates that 75 percent of all fans stand and 25 percent sit.
A. empiricism, because it describes behavior using? real-world data. B. empiricism, because it illustrates people optimizing using? cost-benefit analysis. C. optimization, because it predicts how? people's behavior will change. D. empiricism, because it evaluates whether people maximize their? well-being
Answer the following questions true (T) or false (F)
1. By the 2000s, investment banks had become significant participants in the secondary market for mortgages. 2. A decrease in the marginal income tax rate is a fiscal policy which will increase aggregate demand. 3. The income tax system serves as an automatic stabilizer over the course of the business cycle.