In games:
A. all strategies followed in one particular game should all be similar in order to be successful.
B. if one person's strategy is wildly different from those of others, he will typically come in first or last.
C. there are several strategies that can achieve a single goal.
D. there is only one strategy associated with each outcome.
Answer: C
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One assumption that distinguishes short-run cost analysis from long-run cost analysis for a profit-maximizing firm is that in the short run,
a. output is not variable. b. the number of workers used to produce the firm's product is fixed. c. the size of the factory is fixed. d. there are no fixed costs.
Josh is a full-time college student who is not working or looking for a job. The Bureau of Labor Statistics counts Josh as
a. unemployed and in the labor force. b. unemployed but not in the labor force. c. in the labor force but not unemployed. d. neither in the labor force nor unemployed.
Other things equal, we would expect the labor demand curve of a monopolistic seller to:
A. decline more rapidly than that of a purely competitive seller. B. decline less rapidly than that of a purely competitive seller. C. decline at the same rate as that of a purely competitive seller. D. be more elastic than that of a purely competitive seller.
A monopolist sells a homogeneous good in several distinct submarkets, and the elasticities of demand differ in these submarkets. If the monopolist selects the rate of output to sell in each submarket by equating marginal revenue and marginal cost, then
A. it is not price discriminating, but merely price differentiating. B. customers in markets with more elastic demand will pay higher prices than customers in markets with less elastic demand. C. customers in markets with more elastic demand will pay lower prices than customers in markets with less elastic demand. D. all customers in all markets end up paying the same price.