Eating a bag of sweets gives Rory 25 utils of satisfaction. How many additional utils would you expect Rory would get from eating a second bag of sweets?
(a) 25 utils.
(b) Less than 25 utils.
(c) More than 25 utils.
(d) 50 utils.
Answer: (b) Less than 25 utils.
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Any two of these events in questions 1 and 2 occur together? (Draw the diagrams!)
What will be an ideal response?
Modern monetarists view any increases or decreases in total output stemming from expansions or contractions in the money supply as
A) permanent. B) temporary. C) irrelevant. D) extremely important.
Which of the following would not violate the Sherman Antitrust Act if the rule of reason was used to interpret the act?
a. conspiring to monopolize b. formation of a trust company c. conspiring to restrain trade d. a single firm supplying all of a market with no close substitutes and some barriers to entry e. attempting to restrain trade with a foreign nation
Which of the following is true? a. A Nash equilibrium maximizes a player's welfare, regardless of the behavior of a competitor while a dominant strategy maximizes a player's welfare, given the actions of its competitor. b. A Nash equilibrium maximizes a player's welfare, given the actions of its competitor, while a dominant strategy maximizes a player's welfare, regardless of the behavior of
its competitor. c. A Nash equilibrium is just another name for a dominant strategy. d. A Nash equilibrium may or may not be a self-enforcing equilibrium.