In games:
A. there is only one strategy associated with each outcome.
B. there are several strategies that can achieve a single goal.
C. all strategies followed in one particular game should all be similar in order to be successful.
D. if one person's strategy is wildly different from those of others, he will typically come in first or last.
B. there are several strategies that can achieve a single goal.
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Suppose a single-input production function has initially increasing but eventually decreasing marginal product. In this case, the first order condition for the profit maximization problem
A. is necessary for identifying the profit maximizing production plan. B. is sufficient for identifying the profit maximizing production plan. C. is both necessary and sufficient for identifying the profit maximizing production plan. D. is neither necessary nor sufficient for identifying the profit maximizing production plan.
A rise in confidence is associated with higher consumption and investment demand, and leads to:
a. a downward shift in the AD curve. b. an inward shift in the AD curve. c. an outward shift in the AD curve. d. an upward shift in the AD curve.
Recent research suggests that if Apple switched from uniform pricing of its iTunes to two-part pricing,
A) total welfare would increase, but consumer surplus would decrease. B) total welfare and consumer surplus would increase. C) total welfare would decrease, but consumers surplus would increase. D) total welfare and consumer surplus would decrease.
Refer to the tables. If South Cantina is producing at production alternative D, the opportunity cost of the third unit of capital goods will be:
Answer the question on the basis of the following production possibilities tables for two countries, North Cantina and South Cantina:
A. 3 units of consumer goods.
B. 4 units of consumer goods.
C. 5 units of consumer goods.
D. 6 units of consumer goods.