When there is a shift the aggregate supply curve caused by factors external to a nation's economy, it is called

The above figure shows the payoff matrix for two firms, A and B, choosing to produce a basic computer or an advanced computer. The dominant strategy for firm A is

A) producing an advanced computer. B) producing a basic computer. C) copying firm B's action. D) Firm A does not have a dominant strategy.

For each of the following pairs of products, discuss which of the two would be expected to be more price elastic and explain why.

i. water vs. diamonds ii. insulin vs. cough syrup iii. meat vs. filet mignon iv. gasoline right after a major hurricane vs. gasoline over that entire summer