Refer to Scenario 5.4. What is the pay-off of outcome C?
A) -150
B) 0
C) 25
D) 100
E) 150
A
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Based on the table above, the CPI for 2014 is
A) 105.1. B) 98.5. C) 5.0 percent. D) 100. E) 102.5.
Refer to Figure 5-6. Why is there a deadweight loss?
A) because the marginal private cost for each additional unit between Q1 and Q2 exceeds the marginal private benefit B) because the marginal private benefit for each additional unit between Q1 and Q2 exceeds the marginal cost C) because the marginal social cost for each additional unit between Q1 and Q2 exceeds the marginal social benefit D) because the marginal social benefit for each additional unit between Q1 and Q2 exceeds the marginal cost
Refer to the payoff matrix below. In reference to the Nash equilibrium/equilibria in this game, which of the following is true?
Camp with Us and Happy Campers compete in the market for campers. Each firm must decide each season if they are going to offer special financing or not. The above payoff matrix shows each firm's net economic profit at each pair of strategies.
A) Camp with Us Offer Financing and Happy Campers Offer Financing is a Nash equilibrium.
B) There are no Nash equilibria in this game.
C) Camp with Us Do Not Offer Financing and Happy Campers Offer Financing is a Nash equilibrium.
D) Camp with Us Do Not Offer Financing and Happy Campers Do Not Offer Financing is a Nash equilibrium.
In a market system, incomes are distributed according to the:
a. principle of equality. b. directions of a central authority. c. needs of the people. d. ownership of resources. e. objectives of a planning commission.