Refer to the game between James and Theodore depicted in Figure 12.1. Which of the following is true?
A. James's dominant strategy is to choose Up.
B. James's dominant strategy is to choose Down.
C. Theodore's dominant strategy is to choose Left.
D. Theodore's dominant strategy is to choose Right.
B. James's dominant strategy is to choose Down.
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A market that mainly stresses product differentiation is called
A) perfectly competitive. B) monopolistically competitive. C) a monopoly. D) an oligopoly.
If you and your friends receive many good job offers upon graduation, but the paychecks you all receive, although attractive, seem to buy fewer and fewer goods each month, you're probably living in the business cycle phase of
a. recession b. downturn c. boom or prosperity d. recovery e. trough
All of the following are true regarding flexible exchange rates except
A. Speculators typically push exchange rates away from the long-term equilibrium. B. Exchange rate movements alter relative prices and may disrupt import and export flows. C. The quantity of foreign exchange demanded equals the quantity supplied. D. Some people are hurt while others are helped by exchange rate movements.
Skis and snowboards are close substitute goods. Fill in the blanks: A in the price of snowboards would tend to the demand for
What will be an ideal response?