A game in which players as a group lose at the end of the game is referred to as
A) zero-sum game.
B) negative-sum game.
C) positive-sum game.
D) tit-for-tat game.
B
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If the government keeps the price of bread low through subsidies, and farmers consequently buy bread to feed to their pigs, we can infer that
A) pigs are more valuable than people. B) pork is more valuable than people. C) the farmers find it efficient to feed bread to pigs. D) the market system is not working. E) waste is occurring because marginal benefit is less than marginal cost.
Refer to the table above. If the market is perfectly competitive, the equilibrium price of calculators is:
A) $2. B) $6. C) $12. D) $20.
Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 12, Q = 122) and (L = 13, Q = 130). Then the marginal product of the 13th worker is
a. 8 units of output. b. 10 units of output. c. 122 units of output. d. 132 units of output.
Consider the market for feather pillows. If there is an increase in the price of feather dusters, a substitute in production for feather pillows, then
A) there is a downward movement along the demand curve for feather pillows. B) the supply curve for feather pillows shifts leftward. C) the price of feather pillows decreases. D) the demand curve for feather pillows shifts rightward. E) the demand curve for feather pillows shifts leftward.