In a decision tree, the difference between a decision node and a terminal node is that
A) at a decision node all participants make the same decision, while at a terminal node different players may make different decisions.
B) at a decision node a decision must be made, while a terminal node shows the payoff.
C) at a decision node a decision must be made, while at a terminal node the final decision must be made.
D) at a decision node all participants are free to make individual decisions but at a terminal node they must agree on a collective decision.
B
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If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.
The cost of a bachelor's degree in philosophy equals the tuition plus the cost of room and board.
Answer the following statement true (T) or false (F)
Only about ____ of families eat together daily, meaning one meal or more a day
a. 10% b. 25% c. 43% d. 76%
Anna's Antiques expects to get two bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability. If Anna instead holds an oral auction between the two bidders and one bidder of each type shows up, she earn ___ from the auction
a. Just above $100 b. $100 c. Just above $70 d. $70