Assume that an economy producing two products, skateboards and in-line skates, is initially in equilibrium, and that skateboards and in-line skates are substitutes. If consumer preferences shift away from skateboards and toward in-line skates, which of the following will NOT occur?
Suppose a policy change will generate $100,000 of benefits for low-income families and $120,000 of costs for high-income families. This change can best be described as
Taxes and subsidies can be used by the government to ________ externalities.
A two firm oligopoly is known as a ________ .
If firms in a monopolistically competitive industry are incurring losses, in the long run
Products may be homogeneous or differentiated in the ________ market structure
Which one of the following is NOT a source of market failure?
For a monopolist to sell more units of output,
In making labor supply decisions households weigh
A(n) ________ occurs if all players in a game play their best strategies given what their competitors do