Games can be judged according to the payoffs
A. as competitive or noncompetitive games.
B. as zero-sum, negative-sum, and positive-sum games.
C. whether all companies participate or not.
D. as collusive or noncollusive games.
Answer: B
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Using the quantity equation, if the velocity of money grows at 5 percent, the money supply grows at 10 percent, and real GDP grows at 4 percent, then the inflation rate will be
A) 19 percent. B) 15 percent. C) 11 percent. D) 6 percent.
The own price elasticity of Anne's apple pies is 5 . If the aggregate market for apple pies has an own price elasticity of 1.25, Anne's apple pies has an approximate market share of
a. 6.25% b. 25% c. 10% d. 20%
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What will be an ideal response?
When there is a technological advance in the ice cream industry, consumer surplus in that market will
a. increase. b. decrease. c. not change, since technology affects producers and not consumers. d. not change, since consumers' willingness to pay is unaffected by the technological advance.