Many country inns shut down in the off-season because
a. the off-season market price falls below average total cost
b. the off-season market price can't cover their average fixed cost
c. the off-season revenue can't cover variable cost
d. the off-season price is below the marginal cost of providing a room
e. innkeepers are interested in maximizing revenue
C
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The unemployment rate is the:
A. percentage of the labor force that is out of work. B. percentage of the population that is out of work. C. number of workers unemployed. D. number of workers in the labor force.
Answer the following statement(s) true (T) or false (F)
1. When both players have dominant strategies, there is only one Nash equilibrium. 2. The Battle of the Sexes game has two Nash equilibria, neither of which is Pareto optimal. 3. All outcomes in the Copycat Game are Nash equilibria. 4. A solution concept is any way of analyzing a game which leads to the discovery of a Nash equilibrium which solves the game. 5. The concept of Nash Equilibrium is an important solution concept because it helps make predictions.
Refer to Table 8-17. What is real GDP in 2016, using 2011 as the base year?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
Describe the situation in the market for a good or service that the United States exports
What will be an ideal response?