If the demand for steak (a normal good) shifts to the left, the most likely reason is that

Bonds are a safer form of investment because

a. full bond payments are made before stockholders receive any dividends b. they are guaranteed by the government c. they are guaranteed by the investment industry d. a stockholder's personal assets can be used to pay the bondholder's interest e. bondholders can elect the board of directors

Suppose two companies own adjacent oil fields. Under the two fields is a common pool of oil worth $60 million. For each well that is drilled, the company that drills the well incurs a cost of $4 million. Each company can drill up to two wells. What is the likely outcome of this game if each company pursues its own self-interest?

a. Each company drills one well and experiences a profit of $26 million. b. Each company drills one well and experiences a profit of $22 million. c. Each company drills two wells and experiences a profit of $22 million. d. One company drills two wells and experiences a profit of $32 million; the other company drills one well and experiences a profit of $16 million.