All inferior goods have upward-sloping demand curves.
Answer the following statement true (T) or false (F)
False
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Figure 10-5
In Figure 10-5, which graph best illustrates the situation of an economy reacting to a recessionary gap by reducing resource cost levels?
A. (1) B. (2) C. (3) D. (4)
An arrangement that allows buyers and sellers to exchange things is called
A) a market. B) a contract. C) money. D) efficient.
Which of the following reflects the incentive structure confronted by a typical firm in a cartel?
a. If I alone cheat, I'm better off; if everyone cheats, I'm worse off. b. I can never do better for myself than by following agreed-upon cartel policies. c. If everyone cheats, I'm better off and so is everyone else in the cartel. d. If I suspect others are planning to cheat, I'll do best for myself by deciding not to cheat.
Which of the following items is a final good?
A) mustard in a deli B) tin purchased by a tin can company C) a sweater purchased by someone in a department store D) a and b E) a, b, and c