When a player in a game adopts a strategy which always yields the highest benefit regardless of what the other player does, that player is using a(n)
A) opportunistic strategy.
B) dominant strategy.
C) tit-for-tat strategy.
D) aggressive strategy.
Answer: B
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The opportunity cost of an action:
a. is equal to the marginal cost of an action b. is equal to explicit cost c. is equal to the cost of the next best alternative forgone d. is the total cost of an action
The demand for luxurious goods are usually unaffected by an increase in income
a. True b. False Indicate whether the statement is true or false
Which of the following is not an autonomous determinant of consumption expenditures?
a. real wealth b. the interest rate c. tastes and preferences d. current disposable income
Suppose coal is mined at a zero marginal cost and is priced competitively. If the price of coal is growing faster than the interest rate, then coal miners
a. are making positive economic profits. b. will increase the amount of coal left unmined. c. should extract more coal now and less coal in the future. d. will exit the industry in the long run.