When one firm uses the same strategy as the other firm used in the previous time period, this is known as a:
A. tit-for-tat strategy.
B. grim-trigger strategy.
C. dominant strategy.
D. predatory strategy.
Answer: A
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Other things remaining the same, which of the following is likely to increase both the wage rate and the number of workers hired in a rice farm?
A) An increase in the price of rice B) A decrease in the price of rice C) A decrease in the population in the area where the farm is located D) An increase in the population in the area where the farm is located
The above figure shows the cost curves of a profit-maximizing perfectly competitive firm. If the price equals $7,
a) how much will the firm produce? b) how much is the firm's average total, average variable, and marginal costs? c) how much is the firm's total, total variable, and total fixed costs? d) how much is the firm's total revenue and economic profit? e) what will happen in this market in the long run?
Harry decides to buy shares of Oscorp Inc based on the rumor that the price of the shares will rise in the future. This illustrates the theory of adaptive expectations
a. True b. False Indicate whether the statement is true or false
Fill in the table below. Describe your result.
