All of the following are elements of a game except which one?
A) a game board
B) rules
C) payoffs
D) strategies
A) a game board
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The relative tax burden borne by buyers and sellers is called the:
A. tax wedge. B. tax incidence. C. tax revenue. D. real tax.
Which of following is true of monopoly and not of perfect competition?
a. Profit is maximized where marginal cost equals marginal revenue b. The industry demand curve is also the firm's demand curve c. Normal profits are made only if average total cost equals average revenue d. Profit is maximized in the elastic portion of the demand curve e. the firm has no control over the market price
Branding:
A. can be a barrier to entry. B. guarantees high-quality products. C. promises the differences in products are completely perceived and not real. D. All of these statements are true.
If the unemployment rate is 8 percent, this means: a. 8 percent of the population is unemployed
b. 8 percent of the population over age 16 is unemployed. c. 8 percent of the labor force is unemployed. d. the number of unemployed persons equals 8 percent of the employed persons.