The basic reason that supply curves slope upward is that
a. demand curves slope downward
b. production is characterized by increasing costs
c. profits decline as product prices rise
d. greater output can only result from improved technology
e. price and quantity supplied are inversely related
B
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Consumers are often somewhat insensitive to changes in the price of table salt because
A) the proportion of their budget spent on salt is very low. B) there are a considerable number of good substitutes for salt, in their opinion. C) they are not used to changes in the price of salt. D) salt is a necessity for a complete dining experience. E) all of the above reasons.
A strategy in which a player cooperates in the current period if the other player cooperated in the previous period, but the player cheats in the current period if the other player cheated in the previous period is called a
A) tit-for-tat strategy. B) trigger strategy. C) duopoly strategy. D) dominant firm strategy.