The specialty of Lloyd's of London is
A) annuities.
B) hedge funds.
C) mutual funds.
D) reinsurance.
D
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Refer to the payoff matrix below. Which is the equilibrium of the game using the Pareto criterion?
Camp with Us and Happy Campers compete in the market for campers. Each firm must decide each season if they are going to offer special financing or not. The above payoff matrix shows each firm's net economic profit at each pair of strategies.
A) Camp with Us Offer Financing and Happy Campers Do Not Offer Financing
B) Camp with Us Offer Financing and Happy Campers Offer Financing
C) Camp with Us Do Not Offer Financing and Happy Campers Do Not Offer Financing
D) Camp with Us Do Not Offer Financing and Happy Campers Offer Financing
A firm's short-run average cost is defined as
a. the ratio of total output to short-run total cost. b. the ratio of short-run total cost to total output. c. the additional cost of producing one more unit of output while some input is fixed. d. the additional cost of producing one more unit of output while all inputs are fixed.
A license that gives the inventor of a new product the exclusive right to sell it for a certain period of time:
a. start-up costs b. merger c. patent d. monopoly e. deregulation
The Sherman Act
A. prohibited banks from crossing states lines. B. prohibited railroads from transporting explosives. C. declared that monopolization and restraint of trade were illegal. D. provided for the regulation of natural monopolies.