If tastes for a good decreased and the price of a substitute good increased at the same time, as a result:
a. prices would rise
b. prices would fall.
c. larger quantities to be exchanged.
d. we would not know which direction either prices or quantities exchanged would be altered without more information.
d
Economics
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If a tax is imposed in a bargaining game, the players' cooperative surplus
A) increases. B) declines. C) remains unchanged. D) increases for one player and decreases for the other.
Economics
Money serves as a standard of deferred payment when
A. It can be easily store today and used for transactions in the future B. Payments agreed to today but made in the future are in terms of money C. Sellers are willing to accept it in exchange for goods or services
Economics