The main reason for the high price of antiques is that:
A. Supply is relatively elastic and demand increases over time
B. Supply is relatively inelastic and demand increases over time
C. Demand is relatively elastic and supply increases over time
D. Demand is relatively inelastic and supply increases over time
B. Supply is relatively inelastic and demand increases over time
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According to the text, Japan lost much of its capital stock during World War II. It subsequently found that its
a. production possibilities curve had shifted to the left because it was unable to regain,even until today, its prewar output levels, having lost so much of its capital resources(Hiroshima and Nagasaki still haven't recovered from the 1945 atomic bomb attacks) b. production possibilities curve, having shifted to the left, quickly recovered with the use of the most up-to-date technology c. economy's productivity suffered irreversibly because the enormous loss of life created a loss of skilled, scientific, and technological knowledge d. research efforts were hampered because victor countries refused to share scientific knowledge with it in retaliation for the war e. production possibilities curve remained unchanged for two decades after the warbecause international trade was reduced
The payoff matrix is associated with
a. cartel pricing b. game theory c. the behavior of a godfather firm in oligopoly d. long-run equilibrium in monopolistic competition e. price discrimination