Games with a negative-negative outcome:
A. must have a noncooperative equilibrium.
B. result from players acting in their own self-interest.
C. are not necessarily the best outcome for the players involved.
D. All of these statements are true.
Answer: D
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The ________ is the rate of change of the ________.
A. base year price index; current year price index B. rate of inflation; CPI C. current year price index; base year price index D. CPI; rate of inflation
Classical economists thought that
A. flexible wages and prices were the principal causes of recessions. B. the Great Depression confirmed their view of the business cycle. C. government policies and spending were needed to keep the economy at full employment. D. ?price, wage, and interest rate flexibility can quickly cure any tendencies for a recession.
Which of the following is FALSE for a profit-maximizing single-price monopolist?
A) P = MC B) MC = MR C) P > MR D) None of the above because they are all true.
At his profit-maximizing level of output, a monopolist’s average total cost curve is tangent to his demand curve. The monopolist
A. is earning a negative economic profit. B. may or may not be earning a negative economic profit. C. is earning zero economic profit. D. is earning a positive economic profit.