The "law of demand" states that, other things remaining the same, the quantity demanded of any good is
A) inversely related to its price.
B) directly related to its price.
C) positively related to its price.
D) directly related to the supply of the good.
A
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Market power in the United States causes a huge loss of economic efficiency
Indicate whether the statement is true or false
Tracy and Amy are playing a game in which Tracy has the first move at X in the decision tree shown below. Once Tracy has chosen either the top or bottom branch at X, Amy, who can see what Tracy has chosen, must choose the top or bottom branch at Y or Z. Both players know the payoffs at the end of each branch.
In the equilibrium of this game:
A. Tracy gets 300 and Amy gets 200. B. Tracy gets 25 and Amy gets 225. C. Tracy gets 75 and Amy gets 150. D. Tracy and Amy both get 125.