The newest school of economic thought to emerge are _________.
A. the economic behaviorists
B. supply side economists
C. the new classical economists
D. monetarists
A. the economic behaviorists
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Use the following table to answer the next question.OutputTotal Cost0$10120228338453573698The total fixed cost of production is
A. $20. B. $0. C. $10. D. $98.
A firm maximizes its profit by producing the amount of output such that
A) marginal revenue equals marginal cost. B) marginal revenue exceeds marginal cost by some amount. C) marginal revenue is maximized. D) marginal cost is minimized. E) marginal revenue exceeds marginal cost by the maximum amount possible.
The cross-price elasticity of demand measures
a. how the quantity demanded of one good changes along with income b. the slope of the demand curve c. the slope of the supply curve at the point of equilibrium d. the responsiveness of the quantity demanded of one good to changes in the price of another good e. how responsive changes in price are to changes in quantity demanded
________ is a situation in which a firm or a player in game theory chooses the best strategy given the strategies chosen by others
a. Nash equilibrium b. Dominant-strategy equilibrium c. Prisoner's dilemma d. Tit-for-tat