Which of the following is NOT true?
A. An extensive form game is most useful for sequential-move games.
B. The notion of credible threats makes more sense in normal-form representations than in extensive form representations of a game.
C. An extensive form representation usually provides more information than a normal-form representation of a game.
D. The notion of perfect equilibrium is more useful in analyzing extensive form games than normal-form games.
Answer: B
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Which of the following will not shift the demand for labor to the right?
A. an increase in the wage rate B. an increase in the demand for output C. an increase in the price of a competing input D. an increase in the competitiveness of an industry
The yardstick most often used to compare living standards is:
a. aggregate demand b. Gross National Product c. output per capital d. international investment
A result of a fall in the price of gasoline, consumers can afford to buy more gasoline for more driving trips. This is an illustration of:
A. The income effect B. The substitution effect C. Diminishing marginal utility D. Consumer sovereignty
Refer to the information provided in Figure 5.3 below to answer the question(s) that follow.
Figure 5.3Refer to Figure 5.3. Use the midpoint formula. If the price of a gardenburger increases from $8 to $10, the price elasticity of demand equals ________ and demand is ________.
A. -4.5; elastic B. -0.5; inelastic C. -9.0; inelastic D. 4.5; elastic