Total costs:
A. are fixed costs plus variable costs.
B. include explicit and implicit costs.
C. increases as the firm increases output.
D. All of these are true.
D. All of these are true.
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As a result of the rightward shift in the demand curve for labor from LD0 to LD1, the equilibrium level of employment ________ and potential GDP ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
When a player in a game adopts a strategy which always yields the highest benefit regardless of what the other player does, that player is using a(n)
A) opportunistic strategy. B) dominant strategy. C) tit-for-tat strategy. D) aggressive strategy.
Which of the following is likely to occur when a two-person game can be played repeatedly?
a. Collusion and cooperation among the players b. The prisoner's dilemma c. The industry demand curve will become perfectly elastic d. The industry demand curve will become perfectly inelastic e. There is no solution possible because of the indeterminate price quantity combinations
The equilibrium price is the price where quantity demanded is equal to supply
a. True b. False Indicate whether the statement is true or false