A trigger strategy can be used in
A) a single-play game or a repeated game.
B) a single-play game but not a repeated game.
C) a repeated game but not a single-play game.
D) neither a single-play game nor a repeated game.
C
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Unlimited liability exists when
A) the profits of the firm are taxed once. B) a firm dissolves when the owner dies. C) a corporation exists. D) the personal assets of the owner of a firm can be seized to pay off the firm's debts.
Marginal utility is calculated as
A) total utility/number of units consumed. B) change in total utility/number of units consumed. C) change in total utility/change in number of units consumed. D) total utility/change in number of units consumed.
Use the above figure. The consumer's choice changes from YB to YA. Which of the following statements about good Y is TRUE?
A. price has increased and the quantity demanded has fallen. B. price has decreased and the quantity demanded has fallen. C. price has decreased and the quantity demanded has risen. D. price has increased and the quantity demanded has risen.
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward