How is strategic behavior illustrated by the competition among three sellers of native arts and crafts near a national park?
What will be an ideal response?
Each seller must consider the reaction of the rivals to any changes in prices or non-price competition. If one seller changes prices, the other sellers are likely to change their prices to match. There will be a great deal of copycat behavior.
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The long-run Phillips curve is a
A) straight line with a 45 degree slope showing the long-run relationship between the inflation rate and the expected inflation rate. B) vertical line that shows the relationship between inflation and unemployment when the economy is at full employment. C) vertical line indicating a positive relationship between inflation and unemployment. D) horizontal line indicating a positive relationship between inflation and unemployment. E) horizontal line that shows the relationship between inflation and unemployment when the economy is at full employment.
Who among the following individuals most likely experiences the largest nonmonetary reward as a supplier of labor? Assume all of the four individuals have the same level of education and work the same number of hours per week
a. Albert, who prefers not to socialize and works at home by himself b. Amy, whose job provides little intellectual and personal satisfaction c. Antoinette, whose preference is to avoid dangerous work but works as a firefighter d. Arnold, who works the night shift but would prefer to work during the day and sleep at night