Games that don't have a dominant strategy:
A. do not have stable equilibrium outcomes.
B. may have stable equilibrium outcomes.
C. always have stable equilibrium outcomes.
D. don't exist; all games have at least one dominant strategy.
B. may have stable equilibrium outcomes.
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Fixed costs of production in the short run
A. are low in proportion to variable costs in the short run. B. are a function of the level of variable costs. C. increase as the firm produces more output. D. cannot be reduced by producing less output.
Prices that adjust slowly are
A) auction prices. B) custom prices. C) flexible prices. D) heavy prices.
Consider a consumer with a choice set that emerges from an exogenous income I. Suppose that, as a result of changes in a consumer's economic circumstances, the budget line rotates outward, with the vertical intercept remaining unchanged but the horizontal intercept shifting to the right. Demonstrate, using the budget line equation, how this could have happened if the price of the good on the horizontal axis did not change?
What will be an ideal response?
Which of the following is an implicit cost of production?
A) interest paid on a loan to a bank B) wages paid to labor plus the cost of carrying benefits for workers C) rent that could have been earned on a building owned and used by the firm D) the utility bill paid to water, electricity, and natural gas companies