In game theory, a strategy that is optimal no matter what your opponent does is called a dominant strategy
a. True
b. False
Indicate whether the statement is true or false
True
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What is the relationship among the following variables for a perfectly competitive firm: the market price, average revenue and marginal revenue?
A) As a firm lowers the market price to sell more output, marginal revenue and average revenue will be less than the market price. B) Average revenue is equal to marginal revenue; average revenue is greater than the market price. C) The market price is equal to both average revenue and marginal revenue. D) Average revenue is equal to the market price; average revenue is greater than marginal revenue.
Recently, Chrysler bonds with a face value of 100 closed at 103 . The coupon rate was 12.75 . The current yield on these bonds was
a. 103 percent. b. 3 percent. c. 12.75 percent. d. less than 12.75 percent.
Which one of the following states a central element of the economic way of thinking?
a. Scarce goods are priceless. b. Incentives matter--human choice is influenced in predictable ways by changes in personal costs and benefits. c. The realism of the assumptions is the best test of an economic theory. d. When deciding how to allocate time, the concept of opportunity cost is meaningless.
A large underground economy results in an ________.
A. understated GDP B. overstated GDP price index C. overstated GDP D. understated GDP price index