Which group of features is shared by all games?
A) rules, strategies, payoffs, outcome
B) rules, profit, payoffs, outcome
C) profit, strategies, payoffs, cheating
D) rules, cheating, payoffs, outcome
A
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If one firm in a perfectly competitive industry is somehow able to produce at a lower cost than competing firms in the short run,
a. the competing firms will adopt similar production techniques in the long run. b. the more efficient firm will earn higher profits than the competing firms in the long run. c. the competing firms will earn higher profits than the more efficient firm in the short run. d. the competing firms will go out of business in the long run.
Refer to the above table. Suppose the demand for smartphones rises because more people use the Internet with a smartphone. The new equilibrium price will be
A) $200. B) $275. C) more than $275. D) impossible to be determined given the information.
Over the past 50 years, there has been an increase in spending on public education without a noticeable improvement in student performance. One explanation given by economists on why student performance has not improved is that
A. the quantity of educational services has not increased beyond the pre-subsidy equilibrium. B. schools are providing high-priced services that are not valued by parents. C. too much competition for educational services. D. not enough funds have been spent on public education.
In general, why are trade sanctions implemented?
A. To lower domestic unemployment rates B. To benefit emerging industries C. For political reasons D. To raise revenue from trade