An economic system is said to be a
a. market economy if there is substantial central planning.
b. traditional economy if it relies on extensive market trading.
c. market economy if it relies on self-interested behavior and incentives.
d. command economy if it relies on long-standing practices.
c. market economy if it relies on self-interested behavior and incentives.
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In a multiplayer game where there are two equally-enjoyable choices of what to do, and everyone wants to do what everyone else is doing, only one Nash equilibrium is stable
Indicate whether the statement is true or false
One of the major reasons for the U-shaped average total cost curve is the fact that
A) there are increasing returns from labor regardless of the number of workers employed. B) there eventually are decreasing returns from labor as more workers are employed. C) prices fall as output increases. D) the average fixed cost increases as more output is produced. E) the variable cost decreases as more output is produced.
In a perfectly competitive market, _____
a. short-run profits attract other firms to the market b. there are significant barriers to entry c. firms sell highly differentiated products d. firms are price makers
The unemployed are those people who:
A. Do not have jobs B. Are not employed but are seeking work C. Are not working D. Are not in the workforce