Which of the following is likely to occur when it is known that a two-person game is to be played only once?
a. Collusion
b. The demand curve becomes perfectly inelastic for this time period
c. The prisoner's dilemma
d. The pursuit of profit maximization for the entire industry
e. An attempt to equate marginal revenue with marginal cost
B
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When real GDP exceeds aggregate planned expenditure
A) an unplanned increase in inventories occurs. B) real GDP remains at its equilibrium. C) real GDP increases. D) firms increase production. E) an unplanned decrease in inventories occurs.
Monopolistic competition describes a market with:
A. few firms that sell goods and services and some barriers to entry. B. many firms that sell goods and services that are standardized. C. many firms that sell goods and services that are similar, but slightly different. D. few firms that sell goods and services that are standardized.
The long-run aggregate supply curve for an economy is always _____
a. vertical b. horizontal c. downward sloping d. upward sloping
Which of the following is NOT a legal organization of a firm?
A. proprietorship B. entrepreneurship C. corporation D. partnership