An individual supply curve is a(n) ______ as you move from left to right.
a. zig zag line
b. horizontal line
c. downward slope
d. upward slope
d. upward slope
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The indifference map
A) shows that the consumer is indifferent among all consumption bundles. B) is an individual indifference curve. C) captures the same information as the utility function. D) is impossible to derive from the utility function.
In the prisoner's dilemma game:
A. a cooperative strategy can lead to a more beneficial outcome for both players. B. a noncooperative strategy will lead to a positive-positive outcome. C. a stable outcome is impossible. D. neither player has a dominant strategy.
The law of diminishing marginal returns describes changes in output when inputs change
Indicate whether the statement is true or false
If Carol's Crayon Factory's price exceeds its average total cost in the short run, then
a. it should shut down b. it is earning a profit c. profits are being maximized d. it should increase output e. it should decrease output