An oligopoly using a maximin strategy must believe that the losses from underestimating a competitor's skill are worse than those from overestimating it
a. True
b. False
Indicate whether the statement is true or false
True
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Some politicians have recently suggested changing the income tax system in the U.S. to a flat tax system where all taxpayers would pay the same percentage of their income in tax to the federal government
Explain how such a change can be analyzed in terms of efficiency. Do you believe that this tax will have equity effects as well?
The advertising dilemma is that advertising may add more to industry costs than to industry revenues, but a firm may lose market share if it does not advertise.
Answer the following statement true (T) or false (F)
The determinants of aggregate supply:
A. are consumption, investment, government, and net export spending. B. explain why real domestic output and the price level are directly related. C. explain the three distinct ranges of the aggregate supply curve. D. include resource prices and resource productivity.
The labor force includes:
A. employed workers and persons who are officially unemployed. B. employed workers, but excludes persons who are officially unemployed. C. full-time workers, but excludes part-time workers. D. permanent employees, but excludes temporary employees.