An equilibrium in a game in which players pursue their own self-interests and do not cooperate is called a
A) dominant strategy equilibrium. B) prisoner's dilemma equilibrium.
C) noncooperative equilibrium. D) cartel equilibrium.
C
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According to economist Joseph Schumpeter, technological advance is more likely to occur in a monopoly than in perfect competition
Indicate whether the statement is true or false
If there are sticky wages, and the price level is greater than what was expected, then
a. the quantity of aggregate goods and services supplied falls, which is shown by a shift of the short-run aggregate supply curve to the left. b. the quantity of aggregate goods and services supplied falls, as shown by a movement to the left along the short-run aggregate supply curve. c. the quantity of aggregate goods and services supplied rises, as shown by a shift of the short-run aggregate supply curve to the right. d. the quantity of aggregate goods and services supplied rises, as shown by a movement to the right along the short-run aggregate supply curve.
When estimating a short-run average variable cost function,
A. the intercept must be forced to equal zero. B. the cost data must be inflation-adjusted. C. at least one input must have been constant during the period in which the data were collected. D. both b and c E. all of the above
Investment as defined by economists differs from investment as defined by the general public in that
What will be an ideal response?