Game theory is distinctive in that its elements are
A) costs, prices, and profits.
B) revenues, elasticity, and profits.
C) rules, strategies, payoffs, and outcomes.
D) patents, copyrights, and barriers to entry.
C
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Why are public goods a source of market failure?
What will be an ideal response?
Each point on the Phillips curve represents a combination of the:
a. prime rate and the savings rate. b. savings rate and the unemployment rate. c. inflation rate and the unemployment rate. d. consumption rate and the inflation rate.
Answer the following statement(s) true (T) or false (F)
1. The Clean Air Interstate Rule (CAIR) included an annual SO2 trading program. 2. NOX contributes both to acid rain and to the formation of ground-level ozone. 3. Because NOX readily moves across state borders, a series of interstate collaborations formedover time to address the problem, but none established a trading program. 4. Two new NOX cap-and-trade programs were launched under the Clean Air Interstate Rule (CAIR). 5. RECLAIM is a California trading program that used trading credits in a regional market for sulfur oxide and nitrogen oxide.
The big increase in the U.S. trade deficit in the mid-1970s was mainly due to ___________.
Fill in the blank(s) with the appropriate word(s).