Refer to Figure 8.1. If Charla and Mirna agree to pay each other $350 to install the pollution-control device on their heating systems, the Nash equilibrium would be found when Charla plays ________ and when Mirna plays ________
A) Install; Install
B) Install; Don't Install
C) Don't Install; Install
D) Don't Install; Don't Install
A
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Which assumption is part of the model of monopolistic competition?
A. There are significant barriers to entry into the market. B. There is no collusion or mutual interdependence among firms. C. Firms make identical or homogeneous products. D. Firms have no control over their products' prices.
The market demand is the ________ of the individual demand of all the potential buyers
A) square of the sum B) sum C) product D) square root of the sum
The figure above shows the labor demand and labor supply curves for workers in local fast-food restaurants. The fast-food restaurant industry is competitive. A decrease in the supply of labor shifts the labor supply curve from LS0 to LS1
Fast-food restaurants hire ________ and total labor income earned by the fast-food workers ________. A) 40 hours of labor a day; increases B) 30 hours of labor a day; decreases C) 40 hours of labor a day; decreases D) 30 hours of labor a day; increases
What is meant by empiricism? How do empiricists use hypotheses?
What will be an ideal response?