【題目】The expansion of capital that can occur in the long-run but not in the short-run, means that the long-run supply is 【答案】more elastic than the short-run supply curve.
題目:Nick can purchase each milkshake for $2. For the first milkshake purchased Nick is willing to pay $4, for the second milkshake $3, for the third milkshake $2 and for the fourth milkshake $1. What is the value of Nick's consumer surplus? 答案:3
題目:What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell? 答案:Price will fall and the effect on quantity is ambiguous
【題目】 The prisoners’ dilemma is a simple game in which: one party is made better off and another worse off by following independent self-interests. both parties gain by following their own self-in terests. no one gains because each acts indepen ...
題目:Suppose the demand for gourmet coffee can be represented by a linear demand curve. When income rises cause the demand curve for gourmet coffee shift to the right parallelly: 答案:becomes less elastic at the price that prevailed before the change in income