All else equal, when oil prices increase, people are ________ to look for oil substitutes. This will ________ the number of years it will take to deplete the stock of oil
A) discouraged; increase
B) discouraged; decrease
C) encouraged; increase
D) encouraged; decrease
C
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If two firms in an oligopoly produce undifferentiated products and face identical constant marginal costs, then, absent any implicit or explicit collusion, they will price at marginal cost regardless of whether they move sequentially or simultaneously -- assuming price is the strategic variable.
Answer the following statement true (T) or false (F)
Which of the following account for the largest portion of state and local government receipts?
A) Individual income taxes B) Corporate income taxes C) Miscellaneous taxes and fees D) Property taxes
At the point where actual inflation is equal to expected inflation,
A) the short-run Phillips curve intersects the long-run Phillips curve. B) the short-run Phillips curve is the same as the long-run Phillips curve. C) the unemployment rate is zero. D) there is no short-run Phillips curve, as this situation only occurs in the long run.
A price floor:
A. establishes a maximum price. B. establishes a minimum price. C. establishes a maximum quantity. D. establishes a minimum quantity.