Economists consider rent seeking activity to be highly productive.
Answer the following statement true (T) or false (F)
False
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In the Prisoners' Dilemma game,
a. the Nash equilibrium is the only outcome that is not Pareto optimal. b. neither player has a dominant strategy. c. the Stackelberg equilibrium will be Pareto optimal if the game is played sequentially. d. all possible outcomes are Nash equilibria.
Explain why the supply-and-demand model should not be used to analyze the market for jeans
What will be an ideal response?
Monetarists argue that fiscal policy is ineffective because:
a. the velocity of money is predictable. b. the crowding-out effect reduces investment. c. prices and wages are sticky in the short run. d. it causes the value of the dollar to depreciate.
Marginal revenue is defined as the
a. total revenue minus total cost b. change in total revenue divided by the change in the quantity of output c. price minus average total cost d. total revenue over the quantity of output e. quantity times price