If revenue is less than ________, profit is ________.
A. total cost; positive
B. total fixed cost; positive
C. total variable cost; zero
D. total cost; negative
Answer: D
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The health care system in the United Kingdom is referred to as ________, under which the government owns most of the hospitals and employs most of the doctors
A) an out-of-pocket system B) a single-payer health care system C) a universal health insurance system D) socialized medicine
Which of the following economists did not help to develop game theory analysis?
A) John Nash B) Adam Smith C) Oskar Morgenstern D) John von Neumann
Refer to the payoff matrix below. If Best Lights and Bright Lights both know that the above game will be played exactly four times, which of the following will be the outcome of the game in each of the four periods?
A) Set High Price/Set High Price
B) Set Low Price/Set High Price
C) Set High Price/Set Low Price
D) Set Low Price/Set Low Price
Which of the following statements about a perfectly competitive market are TRUE?
I. The perfectly competitive industry faces an upward sloping labor supply curve. II. The individual firm in a perfectly competitive industry faces a perfectly elastic labor supply curve. A) I only B) II only C) both I and II D) neither I nor II