When the payoff you receive depends only on what you choose, but not on what your opponent chooses, mutual interdependence is said to exist
Indicate whether the statement is true or false
FALSE
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Employing an additional 1 billion hours of labor increases real GDP by $12 billion. Employing another 1 billion hours beyond the first 1 billion increases real GDP by $11 billion
Hence we can conclude from this information that as employment increases, real GDP A) increases at an increasing rate. B) decreases at an increasing rate. C) decreases at a decreasing rate. D) increases at a decreasing rate. E) falls from $12 billion to $11 billion as more workers are hired.
Briefly describe the process of microlending
What will be an ideal response?
For many consumption activities — skiing, for example — the activity becomes more enjoyable as the consumer becomes more experienced
Assuming that "training consumption" is inexpensive relative to "proficient consumption," do such activities make it more or less likely that a borrowing constraint will be binding?
In perfect competition, a firm's demand curve
A. is always below the marginal revenue curve facing the firm. B. is always above the marginal revenue curve facing the firm. C. intersects the marginal revenue curve when marginal revenue is minimized. D. and the marginal revenue curve facing the firm are identical.