Because a public good creates benefits everyone shares, individuals are generally very willing to bear the cost of providing the good
Indicate whether the statement is true or false
FALSE
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A perfectly competitive firm will minimize its losses by shutting down when:
A) P < AVC at the profit-maximizing level of output. B) P < ATC at the profit-maximizing level of output. C) P < MC at the profit-maximizing level of output. D) P < TFC at the profit-maximizing level of output.
If all firms pay an efficiency wage, then
A) there is no cost to shirking because the shirking worker can receive his high wage at another firm after being caught and fired. B) the macroeconomy would enjoy a prolonged period of near-zero unemployment. C) there is a cost to shirking because the efficiency wage is less than it would have been if only a few firms paid it. D) there is a cost to shirking because the shirking worker will spend a greater time unemployed after being caught and fired.
In the sequential negotiation games:
a. You can induce a change in the strategy in your opponent only if your threat is believed b. Any threat can induce a change in strategy in your opponent c. A threat that is believed is one that you will not have to carry out d. A and C
The President and the Congress jointly determine the nation's monetary policies, and the Fed is required by law to implement those policies
a. True b. False Indicate whether the statement is true or false