Game theory is:
A. the study of how people behave strategically under different circumstances.
B. used by economists to evaluate behavior in a variety of settings.
C. a useful tool in predicting strategic behavior.
D. All of these statements are true.
D. All of these statements are true.
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The expenditure multiplier concept of the aggregate-expenditures model ________.
A. explains movement up or down the aggregate demand curve B. magnifies the shifts of the aggregate demand curve C. is not at all relevant in the AD/AS model D. reverses the shift of the aggregate demand curve
Which of the following statements about natural monopolies is true?
A) Natural monopolies are only found in the markets for natural resources (like crude oil and coal). B) For natural monopolies, marginal cost is always below average cost. C) For natural monopolies, average cost is always increasing. D) Natural monopolies cannot be regulated.
Increases in stock market wealth have caused Americans to increase their saving rate
a. True b. False Indicate whether the statement is true or false
In order to practice price discrimination, a firm must:
A. avoid detection by the government. B. be able to divide consumers into groups with different demands for their product. C. have a homogeneous product. D. advertise their product.