In the game in Scenario 13.10, there is
A) a mixed strategy equilibrium, and no other.
B) a mixed strategy and a pure strategy equilibrium.
C) a mixed strategy and two pure strategy equilibria.
D) a mixed strategy and four pure strategy equilibrium.
E) no equilibrium in either mixed or pure strategies.
A
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Let C = 120 + 0.8y. Assume no government or foreign sectors. At the equilibrium level of income, y* = 200, the level of saving is
A) -80. B) -30. C) 96. D) 160.
An attempt by a firm to create a monopoly and gain the economic profit from the monopoly is called
A) collusion. B) intrusion. C) profit seeking. D) rent seeking.
The economist Hernando de Soto extensively studied:
a. the problem of scarcity. b. opportunity costs. c. insecure property rights. d. economic freedom in rich countries. e. the sources of comparative advantage in trade.
Suppose the demand curve for hybrid cars shifts to the right. This will cause a relatively small increase in the price of hybrid cars if
A) both demand and supply are inelastic. B) demand is elastic and supply is inelastic. C) demand is inelastic and supply is elastic. D) both demand and supply are elastic.