A game in economics is defined as
A) something that is shown on ESPN.
B) competition in which strategic decision making is integral.
C) competition in general.
D) an actual strategy chosen by one or more economic agents.
B
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Refer to the table below. If Sweet Grams is a perfectly competitive firm and the market price $1.75 per unit, what is the profit-maximizing quantity for Sweet Grams to produce at Plant 2?
Sweet Grams makes graham cracker snack packages. Sweet Grams is a multi-plant firm with two production facilities. The above table summarizes the total marginal cost of production at various output levels in the separate plants. Assume Sweet Grams is a perfectly competitive firm.
A) 32,000
B) 36,000
C) 32,500
D) 27,000
When an economy achieves economic efficiency, it:
A. is beyond a Pareto optimal position. B. is at a Pareto optimal position. C. may or may not be at a Pareto optimal position. D. is below a Pareto optimal position.
An increase in demand is shown graphically by a shift of the demand curve to the _______.
Fill in the blank(s) with the appropriate word(s).
In the classical model, an increase in aggregate demand will cause
A) an increase in actual output, or Gross Domestic Product (GDP). B) a decrease in actual output, or Gross Domestic Product (GDP). C) a decrease in price level. D) an increase in price level.