Refer to the scenario above. If Mary prefers more money to less, ________
A) she will not accept any offer that Beth makes
B) she will accept any offer that Beth makes
C) she will accept the offer only if Beth offers her $2,500
D) she will accept the offer only if Beth offers her $5,000
B
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Refer to Figure 15-10. What is the area that represents producer surplus under a monopoly?
A) the triangle 0P3H B) the rectangle P1P3HF C) the trapezium 0P1FH D) the triangle 0P2E
Consider the same ultimatum game as in the previous questions but consider yet new preferences reflecting envy. In particular, now assume players get 1 util per dollar earned. That is all for the player who earns at least as much as the other. The player who earns strictly less than the other loses 1 util for each dollar difference. Which of the following is an offer that arises in a
subgame-perfect equilibrium with these preferences? a. 1. b. 2. c. 4. d. 5.
________ can change a resource's marginal product
a. A change in demand for the final product b. A change in the supply of the final product c. A change in the technology used in production d. A change in the price of the final product
Advertising by monopolistically competitive firms can do all of the following EXCEPT
A) lower the consumer's purchase price. B) help differentiate a firm's product. C) act as a signal to consumers that the company is serious about staying in business. D) result in increased profits for the advertising firm.