The payoff matrix represents:
A. a zero-sum game.
B. a negative-sum game.
C. a positive-sum game.
D. a game that can only be played in a single time period.
C. a positive-sum game.
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A decrease in stock prices alters the consumption function by:
A. decreasing disposable income. B. increasing autonomous consumption. C. decreasing autonomous consumption. D. increasing disposable income.
Which of the following is an example of opportunity cost not measured by money cost?
A. The time spent eating a business lunch at a restaurant B. The time spent preparing a meal eaten at home C. The time spent studying to obtain an “A” in economics D. The time spent repairing a car in one’s own garage E. All of the responses are correct.
Which of the following is consistent with diminishing marginal returns?
a. increasing labor by 10% and output increasing 10%. b. increasing labor by 10% and output prices increase by less than 10%. c. increasing labor by 10% and the marginal product of labor increasing 10%. d. increasing labor by 10% and output increasing by less than 10%.
The demand for DVDs increases. As a result
A) the wage rate in the DVD industry increases and the quantity demanded of workers increases. B) the wage rate in the DVD industry increases and the quantity supplied of workers increases. C) the demand for labor increases and the supply of labor also increases, leaving wages unchanged. D) the demand for labor increases, but since the supply curve of labor is perfectly elastic, the wage rate does not change.