In the short run, which of the following is likely to be a variable cost to a physician?
a. office space
b. computers
c. liability insurance
d. insurance forms
e. examining table
D
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As this chapter explains, the movie A Beautiful Mind is a biography of John Nash
There is a scene in the movie where the John Nash character (played by Russell Crowe) is at a bar with several friends and has the insight that becomes what we now call a Nash equilibrium. Here is a game that summarizes what happened in that scene. Several women enter the bar; one of the women is very beautiful. All of the men would prefer to dance with the beautiful woman. They know that if one man asks the beautiful woman to dance that she will accept but that if two of the men ask her to dance she will refuse to dance with either of them. The John Nash character argues that none of the men should ask the beautiful woman to dance but should instead ask the other women. Do you think the director of this movie has studied game theory?
The market economy is founded on ______.
a. voluntary exchange and the price system that guides production and distribution b. fiscal policies that include government-mandated minimum or maximum prices c. international guidelines and treaties enforced by the World Trade Organization d. a complex system of tariffs and taxes intended to fairly divide the economic pie
The study of how decisions are made when strategic interaction occurs between rivals is known as
A. Contestable market theory. B. Predatory pricing theory. C. Game theory. D. Market power theory.
Which of the following statements is true?
A. The total variable cost curve decreases as output increases. B. Total variable cost is always greater than total fixed cost. C. The total variable cost curve shows the variable costs of production given current factor prices. D. Total variable cost is inversely related to output.