Expected utility is a weighted average in which the weights are
A) average incomes.
B) marginal incomes.
C) total incomes.
D) probabilities.
D
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Refer to the scenario above. Recently, the government has imposed a tariff on the import of some cash crops. Which of the following is likely to happen in this case?
A) The domestic consumers of these crops will be better off. B) The government's revenue is expected to fall. C) The volume of imports is likely to increase. D) The domestic producers of these crops will be better off.
Investment in safety at the firm level poses a prisoners' dilemma because
A) if each firm plays its dominant strategy, joint profits are maximized. B) if each firm plays its dominant strategy, joint profits are not maximized. C) neither firm has a dominant strategy. D) the Nash equilibrium is not achieved.
A product in the first stage of production is defined as a(n):
a. basic need. b. investment. c. environmental product. d. primary product. e. transitory product.
When discrimination occurs as a result of employer prejudice, discriminating firms do not maximize profits
a. True b. False Indicate whether the statement is true or false