Any point outside the production possibilities frontier is called
A) unobtainable.
B) full employment.
C) unemployment.
D) inefficient.
A
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Refer to Figure 3.5. Answer the following questions about the game represented in the figure:
a. What type of game is represented by the payoff matrix? b. Does Donald have a dominant strategy, and if so, what is it? c. Does Donald have a dominant strategy, and if so, what is it? d. What is the cooperative solution? e. What is the Nash equilibrium?
Define the following terms and explain their importance to the study of economics:
a. antitrust policy b. economies of scale c. economies of scope
In the equation for the production function H/L represents
a. natural resources per worker. b. human capital per worker. c. output per worker. d. physical capital per worker.
In what way does monopolistic competition favor consumers?
A) A limited number of sellers differentiate their products or services by offering better quality items and/or greater incentives to purchase them. B) A large number of sellers providing virtually identical products means that no single seller can set the price. C) A large number of sellers and products increases supply of similar, but not identical, products and services, so to increase demand sellers are likely to reduce prices. D) A single seller or provider ensures consistency of product quality and regulated pricing. E) A large number of sellers of virtually identical products means that no single seller can set the price for these products.