A dominant strategy is one that is best no matter what the other player(s) does (do).
Answer the following statement true (T) or false (F)
True
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By definition, a firm that practices satisficing
A. maximizes its sales, not its profits. B. makes acceptable decisions, though not necessarily optimal ones. C. satisfies government guidelines instead of consumer demands. D. minimizes the cost of gathering enough information to make an optimal decision.
A business incurs the following costs per unit: Labor $5/unit; Materials $3/unit and rent $5000/month. If the firm produces 1000 units a month, the total variable costs equals
a. $5,000 b. $8,000 c. $13,000 d. $10,000
Demand-pull inflation occurs:
a. at or close to full employment. b. because of excess total spending. c. when "too much money is chasing too few goods." d. all of these.
Identify the correct statement
a. A monopolist's pricing decision is limited by the demand for its product. b. A monopolist is able to choose any price and quantity combination that it desires. c. A monopolist can increase its profits by increasing price if the demand for its good is relatively elastic. d. A monopolist does not suffer losses even in the short run. e. A monopolist is not able to reap positive profits in the long run.