In a "game," strategies are
A) the reactions of firms to the changes in the economy.
B) the laws regulating the industry.
C) the plans made by the participants.
D) the potential returns the participants may get.
Answer: C
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Which of the following distinctions does not help to explain the difference between relevant and irrelevant cost?
A) historical vs. replacement cost B) sunk vs. incremental cost C) variable vs. fixed cost D) out-of-pocket vs. opportunity cost E) All help to explain the difference.
In general, the market price in an oligopoly market is:
A. lower than in perfect competition. B. higher than in perfect competition. C. the same as in perfect competition. D. The answer depends on the shape of the average cost curve.
In the Keynesian model in the short run, a decrease in government purchases causes output to ________ and the real interest rate to ________.
A. rise; rise B. fall; rise C. fall; fall D. rise; fall
How would you characterize the main difference between causes of death in developing and developed countries? What are the implications for how to reduce the death rate?
What will be an ideal response?