In the nonstrategic view of bargaining
a. The games are played without identifying the specific strategies
b. Both the parties usually get some positive surplus
c. The bargaining outcome is affected by both the parties' disagreement values
d. All of the above
d
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As the term “opportunity cost” is defined in the text, the opportunity cost of going to college includes
A. both tuition and the value of the student’s time. B. tuition but not the value of the student’s time, which is a cash cost. C. the value of the student’s time but not tuition, which is a monetary cost. D. neither tuition nor the value of the student’s time, since obtaining a college degree makes one’s income higher in the future. E. neither tuition nor the value of the student’s time, at least at subsidized state universities.
The full opportunity costs of production are calculated as the sum of both explicit and implicit costs
Indicate whether the statement is true or false
As the economy contracts, tax revenues ________ and transfer payments __________.
A. fall; rise B. fall; fall C. rise; fall D. rise; rise
What oligopolist pricing theory is based on firm awareness of how competing firms will react to actions it takes and develops strategies based on that reaction?
a. game theory b. profit-maximizing theory c. price leadership theory d. price discrimination theory e. theory of competition