A 100 acre wood used by four people for collecting firewood is common property. The socially efficient use of the wood could be achieved by assigning property rights
a. only if they go to whichever of the four most values the wood.
b. only if they are divided equally among all four users.
c. only if the are divided according to those who have been using it the longest.
d. to any of all of the four.
d. to any of all of the four.
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Workers should invest in additional human capital as long as the:
A. marginal benefit exceeds the marginal cost. B. opportunity cost exceeds the marginal benefit. C. opportunity cost is zero. D. marginal cost exceeds the marginal benefit.
A dominant strategy ________
A) always results in equal payoffs to all the players in a game B) always results in zero payoff to the opponent C) results in a higher payoff irrespective of the strategy chosen by the other player D) always results in a lower payoff irrespective of the strategy chosen by the other player
In the short run, each perfectly competitive firm is free to
a. increase its plant size. b. increase its volume of output up to its maximum existing capacity. c. charge a price above the market price. d. do all of these.
Periods of low or negative inflation are generally ________ to farmers, who are ________ as a group
A) advantageous, creditors B) advantageous, debtors C) harmful, creditors D) harmful, debtors