A game in which all the players are better off at the end of the game is a
A) tit-for-tat game.
B) dominant strategy game.
C) positive-sum game.
D) noncooperative game.
C
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Which of the following can explain the choice to gamble in casinos?
A. Gamblers have risk loving tastes. B. Gamblers have risk-averse but state-dependent tastes. C. The casino is operating at a loss. D. (a) and (b) E. (a) and (c) F. (b) and (c) G. All of the above. H. None of the above.
The demand curve of a monopolistically competitive firm
A) is downward-sloping because it must cut its price to sell more. B) is horizontal because the firm must cut its price to sell more. C) is perfectly elastic. D) is downward-sloping because it sells an identical product.
If Monica has a comparative advantage in baking and George has a comparative advantage in sewing, then
a. Monica must have an absolute advantage in baking b. Monica must have an absolute advantage in sewing c. George must have an absolute advantage in baking d. George must have an absolute advantage in sewing e. we can conclude nothing about absolute advantage
Economic rent is that portion of a resource's total earnings that exceeds its opportunity cost
a. True b. False