When one player has to make a decision before the other player, the situation is called a:
A. simultaneous game.
B. sequential game.
C. prisoner's dilemma.
D. commitment game.
Answer: B
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What is the effect on the equilibrium price and equilibrium quantity of theater tickets if the price of an orchestra ticket increases and the wage rate paid to actors decreases? The equilibrium price of a theater ticket _____ and the equilibrium quantity _____.
A. always falls ; increases B. always falls; decreases C. rises, falls, or remains the same; decreases D. does not change; does not change E. rises, falls, or remains the same; increases
The optimal bidding strategy for an oral auction is
a. To shade your bid below your true value and drop out well before it is reached b. To shade your bid below your true value and drop out just when the shaded amount is reached c. To drop out when the bidding exceeds your true value d. To size up your competition to determine how much to shade your bid
Which of the following is a true statement?
A. Firms and resource suppliers generally find it easier to reduce prices than to raise them. B. As the price level increases, interest rates will rise and therefore consumption and investment spending will also rise. C. An initial increase in aggregate demand may cause a further increase in aggregate demand because higher prices mean higher incomes. D. A decline in aggregate demand will primarily affect real output and employment if prices are inflexible downward.
Which of the following is not correct?
A. Arturo and Dina could each consume 200 tacos and 200 burritos with trade. B. Total consumption of burritos could not be 600 either with or without trade. C. Neither Arturo nor Dina could each consume 200 tacos and 200 burritos without trade. D. Arturo and Dina could each consume 100 tacos and 100 burritos without trade.