Refer to Figure 6.3. If the market is in equilibrium, the total surplus is:

A. area ABC.
B. area BCD.
C. zero.
D. area ACD.


Answer: D

Economics

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When players cannot achieve their goals because they are unable to make credible threats or promises, the situation is called a:

A. Nash equilibrium. B. prisoner's dilemma. C. failure of dominant strategies. D. commitment problem.

Economics

Refer to the figure above. Which of the following combinations is unattainable?

A) A B) B C) D D) E

Economics

The replacement of older products by newer improved ones is called

What will be an ideal response?

Economics

Productive inputs capable of replacing themselves if harvested at moderate rates are known as:

A. renewable natural resources. B. natural capital. C. nonrenewable natural resources. D. fossil fuels.

Economics