Until the last half of the twentieth century, most people did not have health insurance
a. True b. False
a
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It is unlikely that players will attain the Stackelberg equilibrium if
a. both players have a dominant strategy. b. the Stackelberg equilibrium is Pareto preferred to the Nash equilibrium. c. the second player cannot be assured that the first player is committed to his strategy. d. there is an advantage to being the second player.
Suppose that each of 10,000 perfectly competitive firm in an industry produces 1,000 units of a good and earns an economic profit when the price of the good is $10. In the long run, definitely
A) each firm increases its production above 1,000 units. B) the number of firms is more than 10,000. C) consumer surplus decreases. D) producer surplus increases. E) the number of firms is less than 10,000.
When making decisions, economists believe that individuals act rationally if they: a. seek to improve their own situations and not try to anticipate future consequences of their actions
b. only pursue the goals of the community. c. people do the best they can, based on their values and information, under current and future circumstances. d. always choose alternatives that offer the greatest financial reward.
For demand function P = 24 - 6Q, demand
A. has unitary elasticity at all points on the function. B. is elastic at price 16. C. is elastic at price 12. D. is elastic at price 2.