Economics is primarily the study of
a. how to make money in the stock market.
b. how to operate a business successfully.
c. the allocation of scarce resources in an effort to satisfy wants that are virtually unlimited.
d. the methods business firms use to reduce their costs of production.
C
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Consumers always ____ indifference curves that are farther from the origin
a. reject b. cross c. prefer d. maximize
Indifference curves located closer to the origin
a. are less preferred to those located farther away from the origin b. are more preferred to those located farther away from the origin c. cannot be tangent to a budget line d. eventually become straight lines that coincide with the budget line e. represent preferences that are not rational
A demand curve can be thought of as
a. a graphical display of "market potential." b. a graphical representation of the information in a demand schedule. c. showing how much people want to buy. d. a forecasting tool. e. All of the above are correct.
A prisoner's dilemma is a game in which:
A. the players' payoffs are smaller when both play their dominant strategy compared to when both play a dominated strategy. B. neither player has a dominant strategy. C. the players' payoffs are larger when both play their dominant strategy compared to when both play a dominated strategy. D. one player has a dominant strategy and the other does not.