A player that starts at the end of the game and progresses to the first move to determine best responses
A) doesn't understand how to play a game.
B) is acting irrationally.
C) is using backward induction.
D) is using the Stackelberg Strategy.
C
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Monopoly profits lead to technological process by
A) increasing the amount of human capital in the economy. B) firms lobbying Congress for protection of their monopolies. C) carefully investing deadweight loss. D) encouraging the development of innovations by firms attempting to break a monopoly.
If people with blue eyes earn more than people with brown eyes, we have proof of discrimination against people with brown eyes
a. True b. False Indicate whether the statement is true or false
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
You have an hour between your economics and math classes. What is the opportunity cost of that time if you use it to complete your math homework instead of your economics homework?
A. the economics homework you could have completed B. the math homework you chose to complete C. the cost of your calculator and math textbook D. zero, because it doesn't cost any money to do your math homework