All of the following are examples of a sequential game except which one?
A) Checkers
B) Tic-Tac-Toe
C) Chess
D) Rock-Paper-Scissors
D) Rock-Paper-Scissors
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A few sellers may behave as if they operate in a perfectly competitive market if the market demand is:
A) highly inelastic. B) very elastic. C) unitary elastic. D) composed of many small buyers.
Which of the following is not a technical barrier to entry in a monopolized market?
a. A patent. b. Decreasing average cost. c. A low cost method of production known only by monopolist. d. Increasing returns to scale.
Developing countries place:
A. greater emphasis on growth and less emphasis on development than developed countries. B. greater emphasis on both development and growth than developed countries. C. less emphasis on both growth and development than developed countries. D. greater emphasis on development and less emphasis on growth than developed countries.
Which of the following is an example of a normative statement?
A. Higher prices cause consumers to buy less. B. There should be no unemployment in an advanced industrial society. C. Equilibrium price implies that quantity demanded equals quantity supplied. D. The unemployment rate is six percent.