Where interdependence is especially pronounced, competition among oligopolists will
a. resemble military tactics and strategies.
b. disappear.
c. lead to large increases in product output.
d. entice more firms to enter the market.
a
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Suppose a decrease in the supply of paper results in an increase in revenue. This indicates that
A) the demand for paper is elastic. B) the supply of paper is elastic. C) the supply of paper is inelastic. D) the demand for paper is inelastic.
Which of the following factors affecting decision-making is studied by Behavioral Game Theory?
A) psychological biases B) limited power of calculation C) weather forecast D) A and B are correct
The reward for forgoing present consumption is
a. rent b. profit c. roundabout production d. transfer payment e. interest
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. At the end of the day, Tom could have:
A. (16 dishes, 4 fences) or (8 dishes, 2 fences). B. (8 dishes, 2 fences), or (4 dishes, 6 fences). C. (8 dishes, 2 fences), or (4 dishes, 3 fences). D. (12 dishes, 3 fences), or (8 dishes, 3 fences).