Refer to Figure 4.1. Suppose Alvin chooses Top, while Simon chooses Down, and Theodore chooses Right. Simon's payoff will be
A) 2.
B) 8.
C) 10.
D) 18.
B
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What is allocative efficiency and how does it relate to the production possibilities frontier?
What will be an ideal response?
If 20 smoothies are sold at a market price of $5.50 each, then
a. there must not be an excess supply of smoothies b. selling the 21st smoothie would be a Pareto improvement c. the market must be perfectly competitive d. the value to some individual of the 20th smoothie is $5.50 e. there must be an excess demand for smoothies
When the price level changes, which of the following variables will change and thereby cause a change in the aggregate quantity of goods and services demanded?
a. the real value of wealth b. the interest rate c. the value of currency in the market for foreign exchange d. All of the above are correct.
A potential implication of OSHA regulation is that
A. the most risk-averse workers begin working the riskiest jobs. B. the hedonic wage function may no longer exists at the safest levels. C. average wages increase. D. the hedonic wage function may no longer exists at the riskiest levels. E. for the same amount of output produced, total production costs will be less.