A downward-sloping portion of a long-run average total cost curve is the result of
a. economies of scale.
b. diseconomies of scale.
c. diminishing returns.
d. the existence of fixed resources.
A
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Lee and Cody are playing a game in which Lee has the first move at A in the decision tree shown below. Once Lee has chosen either aggression or cooperation, Cody, who can see what Lee has chosen, must choose either aggression or cooperation at B or C. Both players know the payoffs at the end of each branch. 
If Lee chooses aggression, Cody will respond with ________, and if Lee chooses cooperation, Cody will respond with ________.
A. aggression; aggression B. cooperation; aggression C. cooperation; cooperation D. aggression; cooperation
If the demand curve for bikes shifts leftward and the supply curve for bikes shifts rightward, the equilibrium
A) price of bikes definitely increases. B) price of bikes definitely decreases. C) quantity of bikes definitely increases. D) quantity of bikes definitely decreases.
An agreement among firms to charge the same price or otherwise not to compete is called
A) a payoff matrix. B) a subgame-perfect equilibrium. C) collusion. D) a Nash equilibrium.
Relative to a perfectly competitive market, a monopoly results in
A) a gain in producer surplus equal to the gain in consumer surplus. B) a gain in producer surplus equal to the loss in consumer surplus. C) greater economic efficiency. D) a gain in producer surplus less than the loss in consumer surplus.