Refer to the scenario above. Tom should use ________ to play this game
A) backward induction
B) forward induction
C) mixed strategies
D) his dominated strategy
A
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Mika borrows $100,000 to start up her own beauty shop. She pays 5 percent interest on her loan. In order to account for all costs of her business, Mika must not forget:
A. the implicit cost of $100,000. B. the implicit cost of $5,000. C. the explicit cost of $105,000. D. the explicit cost of $5,000.
A country can have a comparative advantage in the production of a good, even if it does not have an absolute advantage in the production of that good
a. True b. False Indicate whether the statement is true or false
To say that a given welfare program is means-tested implies that:
A. in order to qualify, one must have the means. B. the size of the payment reflects the mean value of consumption based on family size. C. the more income one earns, the smaller the size of the benefit. D. in order to qualify, one must show that one means to find a job.
As you move up the production possibility frontier, the absolute value of the marginal rate of transformation
A. initially decreases, then increases. B. increases. C. decreases. D. initially increases, then decreases.