A cooperative game is
A) companies colluding in order to make higher than competitive rates of return.
B) the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry.
C) a game in which firms will not negotiate in any way.
D) when plans made by firms are known as game strategies.
A
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A)
If there is an increase in the wages of apple workers and an increase in the price of oranges, a substitute for apples, the equilibrium could move to which point? A) none of the points shown B) B C) C D) E
In the standard consumption function of C = a + bY, the MPC is
A) Y. B) bY. C) a. D) b.
If, as an entrepreneur, I am earning accounting profits of $50,000 per year and the opportunity cost of my time is $60,000
A) I am earning economic profits of $10,000. B) I am earning economic profits of $50,000. C) I should close my business. D) I am in a long-run equilibrium position.
Terrell, an auto repair mechanic who remains unemployed because he refuses to work for less than $1,000 an hour, is
a. counted as part of the labor force. b. considered frictionally unemployed. c. an underemployed worker. d. not counted as part of the labor force. e. considered as productively active.