Economies of scale means that
A) the average fixed cost curve slopes downward over its entire range.
B) the four-firm concentration ratio is below 80.
C) the long-run average total cost curve slopes downward over it entire range.
D) the long-run total cost curve slopes downward over it entire range.
C
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Which industry has the most problems with moral hazard and its adverse effects on other unknowing people in this industry?
a. retail b. insurance c. office supplies d. education
The payoff matrix below shows the payoffs (in millions of dollars) for two firms, A and B, for two different strategies, investing in new capital or not investing in new capital. 
This game is an example of a:
A. game with multiple equilibria. B. credible promise. C. prisoner's dilemma. D. cartel.
Kris, Taylor and Max are the only three residents in a neighborhood. A public good that would benefit all of them has a one-time installation cost of $900. The value of the public good to each resident is shown in the table below. Any tax plan must be approved by simple majority. ResidentReservation PriceIncomeKris$100$1,000Taylor$200$5,000Max$700$6,000 If the government proposes to pay for the public good with a proportional income tax of 8 percent, then:
A. Kris and Max will vote in favor of the tax, but Taylor will vote against it. B. all three voters will vote against the tax. C. Max and Taylor will vote against the tax, but Kris will vote in favor of it. D. all three voters will vote in favor of the tax.
The dominant strategy for player 2 in the following game is:Player 1Player 2??t1t2t3?S14,103,01,3?S20,02,1010,3
A. t3. B. t1. C. t1 and t2. D. None of the answers is correct.