In the short run, the fixed costs of a firm:
A. can sometimes be avoided in the short run.
B. are irrelevant in deciding whether to shut down production.
C. are equal to zero when quantity produced is zero.
D. are all the costs it incurs when it produces some positive quantity.
B. are irrelevant in deciding whether to shut down production.
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Refer to the above figure. The figure gives the payoff matrix for two individuals who are being accused of robbing a bank together. What is dominant strategy for Bob?
A) Confess. B) Don't confess. C) Flip a coin to decide what to do. D) There is no dominant strategy.
Which of the following examples would make banks most likely to give loans?
a. A bank receives $10 million from the Fed; interest rates are at 1 percent. b. A bank receives $5 million from the Fed; interest rates are at 7 percent. c. A bank receives $2 million from the Fed; interest rates are at 4 percent. d. A bank receives $1 million from the Fed; interest rates are at 5 percent.
The prefrontal cortex (PFC) is the key region of the brain for:
A. cost valuation. B. benefit valuation. C. decision making. D. All of these
Refer to the data. At the point where 3 units are being sold, the coefficient of price elasticity of demand:
A. cannot be estimated.
B. suggests that the market is purely competitive.
C. is less than unity (one).
D. is greater than unity (one).