Author Question: Which of the following best describes the guiding function of price? A) In response to a surplus ... (Read 56 times)

mp14

  • Hero Member
  • *****
  • Posts: 534
Which of the following best describes the guiding function of price?
 
  A) In response to a surplus or shortage in two markets, price serves as a guiding function by decreasing in one market and increasing in the other market in the short run.
  B) The guiding function of price is the movement of resources into or out of markets in response to a change in the equilibrium price of a good or service.
  C) The guiding function of price occurs when the market price changes to eliminate the imbalance between supply and demand caused by a shortage or surplus at the original price.
  D) The guiding function usually occurs in the short run while the rationing function usually occurs in the long run.

Question 2

After analyzing his opponent a tennis player decides to serve 10 of his serves to the left, 50 of his serves to the right, and 40 of his serves at the body of his opponent. This illustrates a
 
  A) deterministic strategy.
  B) dominant strategy.
  C) mixed strategy.
  D) non-game theoretic problem.



asware1

  • Sr. Member
  • ****
  • Posts: 318
Answer to Question 1

B

Answer to Question 2

C



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

Did you know?

The most dangerous mercury compound, dimethyl mercury, is so toxic that even a few microliters spilled on the skin can cause death. Mercury has been shown to accumulate in higher amounts in the following types of fish than other types: swordfish, shark, mackerel, tilefish, crab, and tuna.

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

For a complete list of videos, visit our video library