The need for a rationing device results from scarcity
Indicate whether the statement is true or false
True
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An equilibrium in a game in which players pursue their own self-interest is called
A) a prisoner's dilemma. B) a Nash equilibrium. C) a noncooperative equilibrium. D) a cooperative equilibrium.
Corporations must always pay dividends to their shareholders.
Answer the following statement true (T) or false (F)
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis Table 1.3, what is gained by producing at point M rather than point N?
A. 2 combs. B. 23 combs. C. 1 comb. D. 21 combs.
Perfectly elastic demand has an elasticity value of zero.
Answer the following statement true (T) or false (F)