The value of any index in its base year is always _________.

A market structure, typically characterized by one, single seller.

Product differentiation is by _________.

Fiat money is based on?

Firms face perfectly elastic demand curves in ________.

Macroeconomics is the study of an individual consumer and producer decisions.

Suppose the demand for pizza is inelastic.  If a pizzeria decided to decrease the price of pizza, total revenue would _________.

Asset fixity means an asset does not have many alternative uses.

The odds in favor of a team winning a championship are 8 to 3.  Find the probability of the team winning the championship. Write your answer as a fraction. The probability of winning a prize at a local charity event is 9/23.  What are the odds against winning a prize?      

A bag contains 4 blue and 7 red M&Ms.  You randomly select two M&Ms from the bag without replacement (you eat the M&Ms). Find the probability that the first is blue and the second is red.  Write your final answer as decimal, rounded to three decimal places.