If tastes for a good increased 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. Both a. and c. would occur.
d
Economics
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Refer to Scenario 6.1. The Nash equilibrium occurs where
A) both Tasha and Gloria work extremely hard. B) both Tasha and Gloria work somewhat hard. C) Both A and B represent Nash equilibria. D) There is not a Nash equilibrium in this scenario.
Economics
Refer to Figure 24-2. Ceteris paribus, an increase in the expected price of an important natural resource would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
Economics