After analyzing his opponent, a tennis player decides to serve 10% of his serves to the left, 50% of his serves to the right, and 40% of his serves at the body of his opponent. This illustrates a
A) deterministic strategy.
B) dominant strategy.
C) mixed strategy.
D) non-game theoretic problem.
C
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In the long run, the representative firm in monopolistic competition tends to have
A. economic profits B. no product differentiation. C. a perfectly elastic demand curve. D. excess capacity.
If an economist states that not enough of a good is being produced, she usually means that
A) not everyone can afford the good. B) price exceeds marginal cost. C) consumer surplus equals zero. D) at equilibrium, some people who still wish to sell the good cannot find a buyer.
A serious burden of a budget deficit and an increase in the national debt comes on the supply side because large budget deficits
A. discourage consumption and therefore lead to production cutbacks. B. lead to lower interest rates and therefore to excessive optimism by consumers and businesspeople. C. discourage investment and therefore may reduce the growth of the nation’s capital stock. D. discourage foreign investment and therefore limit employment opportunities.
Kimani sells life insurance and is considering buying a $50,000 Cadillac for business purposes (thus, the expense reduces her taxable income). If Kimani is in the 40 percent marginal tax bracket, how much after-tax income will she have to give up in order to enjoy the Cadillac?
a. $20,000 b. $30,000 c. $25,000 d. $70,000