In the language of game theory, a situation in which each person must consider how others might respond to his or her own actions is called a
a. quantifiable situation.
b. cooperative situation.
c. strategic situation.
d. tactical situation.
c
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A period of time in which the quantity of at least one factor of production used by a firm is fixed is called the
A) market period. B) intermediate run. C) short run. D) long run.
If the graph shown represents Steph's budget constraint, and the price of hairbands were to increase, the slope of Steph's budget constraint would become:
A. steeper, reflecting the fact that hairbands are now relatively less expensive.
B. flatter, reflecting the fact that hairbands are now relatively more expensive.
C. steeper, reflecting the fact that earrings are now relatively less expensive.
D. flatter, reflecting the fact that earrings are now relatively more expensive.
Addressing the natural rate of unemployment is
a. straightforward in theory but difficult in practice. b. straightforward in theory and in practice. c. difficult in theory and in practice. d. straightforward in practice but difficult in theory.
Which of the following is likely to yield the greatest consumer surplus?
a. a nugget of gold found in a rushing creek in Alaska b. a gold necklace on sale at 20 percent off original price c. a gold necklace on sale at 40 percent off original price d. a dip in the neighbor's pool, at no charge e. a gulp of water from an oasis in the Sahara desert after three days of thirst