In a mixed strategy:
A. moves can be predicted.
B. the order of who chooses first is mixed.
C. players try to avoid demonstrating a pattern.
D. the payoffs are mixed during each round.
Answer: C
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If oil prices decrease,
A) the short-run aggregate supply curve will shift down. B) the long-run aggregate supply curve will shift to the left. C) the short-run aggregate supply curve will shift up. D) the long-run aggregate supply curve will shift to the right.
According to the Fisher effect, if a lender and a borrower would agree on an interest rate of 8 percent when no inflation is expected, they should set a rate of _______ when an inflation rate of 3 percent is expected
a. 2 percent b. 5 percent c. 8 percent d. 11 percent
A firm producing a smoke externality is producing
a. more than the socially optimal quantity of output. b. less than the socially optimal quantity of output. c. exactly the socially optimal quantity of output. d. There is insufficient information to answer.
Which statement is not true regarding the total variable cost curve?
A. It shows the variable cost of production given current factor prices. B. It is a horizontal line. C. It increases as output increases. D. It starts at the origin.