Which of the following conditions does not characterize perfect property rights markets?
(a) universality
(b) exclusivity
(c) sustainability.
(d) enforceability.
C
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What is a mixed strategy? Describe a mixed strategy that would be a Nash equilibrium for the Copycat Game, and indicate why neither player would want to deviate from that mixed strategy.
What will be an ideal response?
A $100 billion decrease in government purchases would:
a. increase AD by $500 billion if MPC = 0.8. b. decrease AD by $300 billion if MPC = 2/3. c. increase AD by $200 billion if MPC = 0.5. d. decrease AD by $40 billion if MPC = 0.4.
If the minimum points of all the possible short-run average total cost curves become successively lower as quantity of output increases, then:
A. the firm should try to produce less output. B. total fixed costs are constant along the LRAC curve. C. there are economies of scale. D. when output is doubled, total costs are doubled.
A franchising strategy is typically associated with:
A. High costs B. Quickly building a global presence C. High risk D. Slowly building a global presence