Which of the following best describes the relationship between market transactions and the ultimatum and dictator games?
A. Market transactions operate more like the ultimatum game than the dictator game.
B. Market transactions operate more like the dictator game than the ultimatum game.
C. The ultimatum and dictator games both provide good representations of how market
transactions work.
D. Neither the ultimatum game nor the dictator game bears much similarity to market
transactions.
Answer: A
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When the price is less than the equilibrium price
A) there will be a shortage. B) some consumers will be willing to pay a price higher than the prevailing price. C) the price will be forced higher. D) All of the above answers are correct.
If the demand for a good falls when income falls, then the good is called a(n)
a. normal good. b. regular good. c. luxury good. d. inferior good.