We can predict the outcome of a two-player game as long as
a. each player follows a strategy that negates the other player's strategy
b. at least one player has a bilateral strategy
c. neither player has a subsistence strategy
d. neither player has a dominant strategy
e. at least one of the players has a dominant strategy
E
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For many goods, the price elasticity of demand increases over time because
A) people's incomes tend to increase over time. B) inflation increases all prices and incomes over time. C) the ability to find substitutes for a good whose price has risen increases over time. D) None of the above answers is correct.
Refer to the information above. What is the value of the exponent for uneducated labor (L)?
A) 0.75 B) 0.40 C) 0.35 D) 0.15
People are unlikely to choose to pay extra for a low-emissions automobile, because they:
a. do not fully understand the environmental benefits of lower emissions. b. are better off "free-riding" on others' attempts to reduce emissions. c. would have to sacrifice fuel efficiency and automotive performance. d. cannot afford the extra expense of "green" technology.
Diminishing marginal product occurs when additional variable inputs ______.
a. improve the efficiency of fixed inputs b. are too costly to implement in production c. interfere with efficient use of fixed inputs d. increase the change in output per hour