Which of the following cases are examples of industries that have potentially increasing costs due to scarce inputs?
A) Petroleum production
B) Medical care
C) Legal services
D) all of the above
D
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In which year did the United States account for half the world's manufacturing output?
A. 1925 B. 1945 C. 1965 D. 1985
According to your textbook, globalization
A) does not necessarily destroy local identity. B) makes economic systems work perfectly. C) eventually turns all economic losses into profits. D) makes "outsourcing" impossible to achieve.
A prisoner's dilemma can be described as a situation in which
a. a decision maker is uncertain about the potential punishment for something done in the past b. an individual decision maker finds it in his best interest to pursue a course of action that can lead to a less than desirable outcome for the group c. producers act so as to avoid maximizing profits because of government retaliation d. individual firms seeks to maximize their own profits with no regard for the group e. the summation of individual demand curves creates an inelastic demand curve facing the industry
The maximin criterion can be defined as which of the following?
a. One seeks the maximum of the minimum payoffs to the various available strategies. b. One seeks the minimum of the maximum losses among the various available strategies. c. One seeks the maximum of the minimum losses to the various available strategies. d. One seeks the maximum of the maximum gains of the various available strategies.