If it is discovered that using drugs enhances a person's chance of contracting a lethal disease, the cost of using drugs
A) increases.
B) decreases.
C) is not affected.
D) is irrelevant, since they are illegal anyway.
A
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Anticipating the decisions others will make in response to your decision while knowing the others are anticipating your response is known as
A) strategic interaction. B) the wait-and-see game. C) psychic intuition. D) best-response analysis.
To understand how the colonial economy developed, Hughes and Cain (2011) claim one must understand
(a) what motivated colonists to settle in different locations. (b) what colonists produced, how much they produced, for whom they produced and with whom they traded. (c) the legal system in which they operated. (d) all of the above.
Explain why ensuring economic stability is an economics function of government?
What will be an ideal response?
A perfectly competitive firm will not earn an economic profit in the long run, because
A) it is a "price-maker." B) it faces a perfectly inelastic demand curve. C) there are no barriers to entry into the industry. D) it produces differentiated products.