Producers:
A.) Provide dollars to the product market.
B.) Purchase factors of production from the factor market.
C.) Do not participate in the factor market.
D.) Provide factors of production to the product market.
B.) Purchase factors of production from the factor market.
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In the United States, most workers now
A. work for some level of government. B. work in the manufacturing sector. C. work in the agricultural sector. D. work in the service sector.
Who determines the price and quantity traded in a market?
A. buyers and sellers B. buyers C. sellers D. prices and quantities traded are not generally determined in markets
In the ultimatum game:
A. is a multi-stage game where one player (the proposal) offers to give the second player (the recipient) some share of a fixed prize; the recipient then decides whether to accept or reject the proposal. B. is a single-stage game where one player (the proposal) offers to give the second player (the recipient) some share of a fixed prize; the recipient then decides whether to accept or reject the proposal. C. is a multi-stage game where one player (the proposal) divides a fixed prize between himself and another player (the recipient) who is an passive participant. D. is a single-stage game where one player (the proposal) divides a fixed prize between himself and another player (the recipient) who is an passive participant.
Variable costs
A) do not vary with price. B) do not vary with output. C) vary with price. D) vary with output.