If the price of orange juice rises, the demand for grapefruit juice will
a. increase because the two goods are substitutes
b. increase because it is a complement
c. decrease because the two goods are substitutes
d. decrease because the two goods are complements
e. not change unless the price of grapefruit juice also changes
A
Economics
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The problem for the prisoners in the prisoners' dilemma game in the above table is that
A) the Nash equilibrium is not the best outcome. B) there is no equilibrium outcome. C) neither prisoner has a workable strategy. D) None of the above answers is correct.
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If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely
A) shift leftward. B) shift rightward. C) remain unchanged. D) become steeper.
Economics