Common knowledge in game theory
A) is information known by all players.
B) is required for static games.
C) does not impact the outcome of the game, since everyone has the information.
D) Both A and B.
A
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Identify the correct statement about changes in money supply.
What will be an ideal response?
If someone can produce a good at a lower opportunity cost, she ________ in producing that good.
A. experiences no marginal costs B. has an absolute advantage C. has a comparative advantage D. experiences no diminishing returns
Microeconomics differs from macroeconomics in that microeconomics focuses on:
A. the performance of the entire economy. B. issues such as inflation, unemployment and economic growth. C. government policies designed improve the performance of the national economy. D. the choices made by individuals the implications of those choices.
Suppose eating soybeans leads to less cancer and heart disease. What effect would people eating more soybeans likely have on feed corn (a product also grown on land used to grow soybeans)?
A) The supply of feed corn will decrease. B) The cost of producing feed corn will increase. C) The price of feed corn will increase. D) All of the above.