What does it mean to say that a game is in "extensive form"?
A) Strategies are described, rather than just numbered.
B) All payoffs are shown.
C) The game is presented as a matrix.
D) The game is presented as a decision tree.
E) The game is written out as often as the situation calls for it to be played.
D
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According to this Application, the volatility of energy prices can contribute to uncertainty in the economy. An increasingly uncertain future will tend to cause firms to
A) delay their investment decisions. B) continue with a stable flow of investment spending so as not to get trapped by a downturning economy. C) wait for significant GDP growth before reducing investments. D) rely on the government to make their investment decisions for them.
Suppose that once a well is dug, water flows out of it continuously without any additional effort. Customers collect their water and pay a per gallon fee when they leave the site of the well. In the short run, the competitive firm in this market
A) will not shut down because variable costs are zero. B) has no fixed costs. C) faces diminishing marginal returns. D) can act as a price setter.
The demand for money curve shows that there is an inverse relationship between the quantity of money demanded and the:
a. quantity of money supplied. b. gross domestic product (GDP). c. price level. d. interest rate.
In the exhibit below depicts the short run cost curves of a perfectly competitive firm. At output 45, Average Fixed Cost (AFC) is approximately
a. 1 b. 3 c. 4 d. 45