Payoffs are:
A. the rewards that come from particular actions.
B. always monetary.
C. things that are only enjoyed by the winner.
D. bribes made to gain some advantage unfairly during a game.
A. the rewards that come from particular actions.
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The above figure shows the market for game day t-shirts. If the price of t-shirts is $12, then
A) the market is in equilibrium. B) there is a surplus and the price of t-shirts will fall. C) there is a shortage and the price of t-shirts will fall. D) there is a shortage and the price of t-shirts will rise. E) there is a surplus and the price of t-shirts will rise.
According to the Keynesian consumption function, if disposable income
a. increases, planned saving will increase. b. increases, planned consumption will increase. c. falls, planned saving will increase. d. increases, both planned saving and planned consumption will increase.
In ________ markets, the elasticity of supply tends to be positive.
A. labor B. input C. all D. output
At the equilibrium price
a. only sellers who value the product more than the equilibrium price would be willing to sell b. only buyers who value the product less than the equilibrium price would be willing to buy c. only buyers who value the product more than the equilibrium price would be willing to buy d. None of the parties would be willing to trade