In a simultaneous move game, the number of possible pure strategies a player can play is equal to the number of actions he can choose to take.
Answer the following statement true (T) or false (F)
True
Rationale: A strategy is a complete plan for playing the game -- which involves choosing an action at each decision node in the game. If a game is played simultaneously, each player only has one decision node -- and so the set of actions is equal to the set of possible pure strategies.
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Joe's hotdog stand merges with a company that supplies the condiments to Joe's. This is an example of
A) conglomerate merger. B) concentration ratio. C) vertical merger. D) horizontal merger.
Refer to the information provided in Table 8.1 below to answer the question(s) that follow.
Table 8.1 
Refer to Table 8.1. Assuming the price of labor (L) is $5 per unit and the price of capital (K) is $10 per unit, which of the following statements is true?
A. The firm will use production technique A to produce all three units of output. B. The firm will use production technique A to produce the first unit and production technique B to produce the second and third units of output. C. The firm will use production technique B to produce the first two units of output and production technique A to produce the third unit of output. D. The firm will use production technique B to produce all three units of output.
When auto workers go on strike at many of the "Big 3" plants around the United States, the supply of American automobiles
A) increases, which is represented by a leftward shift in the supply curve. B) increases, which is represented by a rightward shift in the supply curve. C) decreases, which is represented by a rightward shift in the supply curve. D) decreases, which is represented by a leftward shift in the supply curve. E) remains the same; only quantity supplied changes.
Assume that Mr. Smith's income increased from $40,000 last year to $45,000 this year and that he paid an additional $2,000 in taxes. This would indicate that his marginal tax rate is
A) 10 percent. B) 25 percent. C) 30 percent. D) 40 percent.