An example of a payoff in a game would be:
A. a salary.
B. winning an election.
C. having clean drinking water.
D. All of these are examples of payoffs.
D. All of these are examples of payoffs.
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The change in a firm's total revenue due to selling an additional unit of output is known as
a. marginal revenue b. average revenue c. price d. marginal cost e. marginal revenue product
A natural monopoly is defined as an industry in which one firm
a. can produce the entire industry output at a lower average cost than a larger number of firms could. b. can produce the entire industry output at a lower marginal cost than a larger number of firms could. c. is very large relative to other firms that could enter the industry. d. can earn higher profits if it is the only firm in the industry rather than if other firms also enter the industry.
In perfect competition, the marginal revenue curve
A) and the demand curve facing the firm are identical. B) is always above the demand curve facing the firm. C) is always below the demand curve facing the firm. D) intersects the demand curve when marginal revenue is minimized.
If the demand for steak (a normal good) shifts to the left, the most likely reason is that:
A. consumer incomes have fallen. B. cattle production has declined. C. the price of steak has risen. D. the price of cattle feed has gone up.