A car sells at different prices at different dealerships in an oligopolistic market. If a consumer has imperfect information about the price of a car at each dealership, the consumer should
A. always gather all available information about prices.
B. gather information about prices until the expected marginal utility of more information equals the marginal cost of gathering it.
C. gather information about prices only if it can be gathered without cost.
D. ignore information about prices because it is irrelevant to making an “optimally imperfect” decision.
Answer: B
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Player 1 and Player 2 are playing a game in which Player 1 has the first move at A in the decision tree shown below. Once Player 1 has chosen either Up or Down, Player 2, who can see what Player 1 has chosen, must choose Up or Down at B or C. Both players know the payoffs at the end of each branch. 
If Player 2 could make a credible commitment to choose either Up or Down when his or her turn came, then what would Player 2 do?
A. Player 2 would commit to choosing Down. B. Player 2 would commit to choosing Up. C. Player 2 would not commit to choosing either strategy. D. Player 2 would commit to mimicking Player 1's strategy.
An economy's production possibility curve will be a straight line if: a. resources are not equally substitutable among productive tasks
b. the economy experiences significant unemployment. c. the opportunity cost of production of a good decreases as more of it is produced. d. the opportunity cost of production of a good is constant as more of it is produced.
How does the introduction of cognition into a consumer's choice between consumption now and saving affect marginal utility per dollar, the amount spent on consumption now, and the amount saved? Assume utility is maximized.
What will be an ideal response?
Which piece of legislation allowed states to pass right-to-work laws?
A. Taft-Hartley Act B. Landrum-Griffin Act C. National Industrial Recovery Act D. Wagner Act