What kind of game is shown in Scenario 13.13?
A) Battle of the Sexes.
B) Matching Pennies.
C) Prisoners' Dilemma.
D) The Product Choice game.
E) It is not possible to tell what kind of game it is because the strategies have not been identified.
D
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What, according to Akerlof, causes the price difference between a one-year old used car and an unsold car manufactured by the same company in the same year?
What will be an ideal response?
If a firm in a perfectly competitive market faces a market price of $7, and it decides to increase its production from 4,000 to 12,000 units, the firm's marginal revenue will:
A. diminish once diminishing marginal product sets in. B. rise once diminishing marginal product sets in. C. stay the same. D. increase from $28,000 to $84,000.
According to the Law of Diminishing Marginal Utility:
a) Utility is at a maximum with the first unit. b) Increasing units of consumption increase the marginal utility. c) Marginal product will fall as more units are consumed. d) Total utility will increase at a decreasing rate as more units are consumed.
Gross private domestic investment includes business:
A. purchases of capital goods, all new construction, and purchases of consumer durable goods. B. purchases of capital goods, all new construction, and inventory investment. C. purchases of capital goods, all new commercial construction, and inventory investment. D. purchases of all types of durable goods, all new construction, and inventory investment.