Consider the accompanying payoff matrix.
If both firms offer reduced rates, each earns ________, and if both firms keep their rates high, each earns ________.
A. 500; 300
B. 300; 50
C. 50; 300
D. 300; 500
Answer: C
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Which of the following is likely to affect the position and shape of society’s production possibilities frontier?
A. Volume of physical resources B. Level of labor skills C. Level of technology D. Amount of factories on hand E. All of the responses are correct.
The Consumer Price Index includes
A. the top selling 50 goods and services each month. B. all of the goods and services produced in the economy. C. only goods and services produced domestically. D. goods and services from 8 major categories.
The table below shows the data (in millions) for Wells Fargo Bank in September 2007 and September 2008. Suppose that the required reserve ratio is 3 percent
2007 2008 Loans 79 100 Reserves 11 11 Deposits 247 266 The data show that A) the currency drain ratio increased. B) the Federal Reserve must have increased the required reserve ratio. C) Wells Fargo had excess reserves and could create money in 2007. D) Wells Fargo was only able to make more loans in 2008 because it gained more deposits.
What is a "social cost" of production?
A) the sum of all costs to individuals in society, regardless of whether the costs are borne by those who produce the products or consume the product B) the cost of the environmental damage created by production C) the total costs of producing a product, both implicit and explicit costs D) the cost of the natural resources used up in production