What does each point on the production possibilities curve represent? (check all that apply)
a. Inefficiency in production
b. Efficiency in production
c. The maximum output of two products
d. The maximum output of many products
b. Efficiency in production
c. The maximum output of two products
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Monetary freedom refers to:
a. the ability to create and operate an enterprise easily. b. the absence of tariff and non-tariff barriers that affect imports of goods. c. the tax burden and overall tax revenue of the government. d. price stability with an assessment of price control. e. the free flow of foreign capital.
If the price of a hamburgers increases, the substitution effect works to
a. decrease the quantity of hamburgers supplied b. increase the number of hamburger buns demanded c. decrease the quantity of hamburgers demanded d. increase the number of hamburger buns supplied e. increase the quantity of hamburgers demanded
Which of the following is NOT a characteristic of a monopolistically competitive market?
A. Firms hold patents on their products. B. The products that firms sell are slightly different. C. Firms have some control over price. D. There are no artificial barriers to entry.
Which of the following constitutes a mixed strategy Nash equilibrium of the Odds and Evens game?
A) Play Even and Odd with 50% probability each. B) Play Even with 75% probability and Odd with 25% probability. C) Always play Even. D) This game has no mixed strategy Nash equilibrium.