A dominant strategy exists if:
A. a player has a strategy that yields the highest payoff regardless of the other player's choice.
B. both players have the highest payoff when they make the same choice.
C. one strategy yields the highest possible payoff.
D. both players make the same choice.
Answer: A
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The market supply curve indicates the
A. maximum prices that buyers are willing and able to pay for the product. B. total revenues that sellers would receive from selling various quantities of the product. C. minimum acceptable prices that sellers are willing to accept for the product. D. total amount that buyers will pay in buying a given quantity of the product.
Economists say that voluntary exchange makes both parties better off. What is the explanation that they offer to back up this conclusion?
If a farmer rents the land he works on, then any price support or deficiency payments he receives __________ capitalized into the value of that land, and so his economic profit from farming __________
A) are; goes to zero B) are; remains positive C) are not; goes to zero D) are not; remains positive
Capitated payments:
a. shift financial risk onto patients. b. are the maximum allowable fees in a fee-for-service system. c. are charges that providers include in bills sent to insurance companies. d. create incentives to provide fewer services. e. pay for all medically necessary care.