Refer to Figure 3.1. If Homer confesses to the crime and Marge does not, what is Homer's payout?
A) 1 year
B) 2 years
C) 7 years
D) 15 years
A
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Consider an outcome in which it is impossible to make one player better off without simultaneously making the other player worse off. We can conclude that this outcome
a. cannot be a Nash equilibrium. b. must be Pareto optimal. c. will not occur when the players use mixed strategies. d. is a Stackelberg equilibrium.
AC is lower in the long run than in the short run because
A. prices often fall, allowing savings on purchases. B. inputs can be combined more efficiently in the long run. C. over time the prices of all inputs tend to decrease. D. AFC falls with output over all ranges of output.
A _____ of representative democracy is it _____
a. downside; increases decision-making costs b. benefit; increases decision-making costs c. downside; reduces decision-making costs d. benefit; reduces decision-making costs
A decrease in the market interest rate will _____
Fill in the blank(s) with the appropriate word(s).