The terminal nodes in an extensive form representation
a. are used solely to show payoffs that represent a Nash equilibrium.
b. represent the starting points for a sequential game
c. indicate the strategies available to the players of a game.
d. indicate the possible outcomes of a game
Answer: d. indicate the possible outcomes of a game
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Total surplus:
A. is producer and consumer surplus combined.
B. is producer surplus minus consumer surplus.
C. is consumer surplus minus producer surplus.
D. is the total amount spent on a good in a market.
The Securities and Exchange Commission (SEC) oversees the regulation of the securities market
a. True b. False Indicate whether the statement is true or false
Direct controls on polluting activity
a. have never been tried as an instrument of environmental policy. b. have been the chief instrument of environmental policy. c. have been rejected as a tool of environmental policy. d. are the tool of future environmental policy, based on 1993 legislation.
Relative to nonunion wages, one reason union wages are
A. Lower is because unions exclude workers from the market, which hurts their ability to raise wages. B. Higher is because unions are more likely in capital-intensive industries where wages tend to be higher. C. Higher is because unions have workers that contribute more to society. D. Lower is because the percentage of the workforce that is unionized is declining.