Table 21.2Output (units per day)0102030Total cost (dollars per day)$40$54$62$80Above 10 units of output, the average fixed cost in Table 21.2
A. Rises above $2.00.
B. Remains constant.
C. Continues to decline.
D. Stays below $0.50.
Answer: C
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When neither player in a game would want to deviate from a particular outcome, taking the opponent's behavior as given, the outcome is
a. a Stackelberg equilibrium. b. Pareto optimal. c. a Nash equilibrium. d. a dominant strategy.
Which of the following is motivated by an efficiency concern?
A) The United Network for Organ Sharing advocates a system of rationing scarce kidneys that would favor young patients over old in an effort to wring more life out of donated organs. B) In December 2006, the Bush administration restarted a short-term housing assistance program for victims of Hurricane Katrina. C) Each year, the University of Notre Dame conducts a lottery to parcel out the 30,000 seats available to contributors, former athletes, and parents in the 80,000-seat stadium. D) The federal government's housing choice voucher program assists very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market.
The unit-of-account costs of inflation are the costs resulting from the way in which inflation makes money a less reliable unit of measurement
a. True b. False Indicate whether the statement is true or false
In general, the greater the elasticity, the:
A. smaller the responsiveness of quantity to changes in price. B. larger the responsiveness of quantity to changes in price. C. larger the responsiveness of price to changes in quantity. D. smaller the responsiveness of price to changes in quantity.