An equilibrium in a game in which players pursue their own self-interests and do not cooperate is called a
A) cartel equilibrium.
B) noncooperative equilibrium.
C) prisoner's dilemma equilibrium.
D) dominant strategy equilibrium.
Answer: B
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Structural unemployment will decrease when:
A. unemployment insurance benefits are increased. B. the minimum wage is decreased. C. the minimum wage is increased. D. union wages are increased.
Which of the following best describes an externality?
A) something that is external to the economy B) a sales tax on a good in addition to the market price C) an effect of a transaction felt by someone other than the buyer or seller D) anything produced in other countries E) a change from what is normal
Refer to the table below. If Stuffed Pies is currently producing 5 units of quality, to maximize profit, Stuffed Pies should ________ the units of quality.
Stuffed Pies is a frozen calzone manufacturer. The table above summarizes Stuffed Pies' marginal revenue and marginal cost of quality at various quality amounts.
A) decrease
B) not change
C) increase
D) decrease by 50 percent
Along the elastic range of a demand curve, a price change causes:
a. a change in total revenue in the opposite direction. b. a change in total revenue in the same direction. c. no change in total revenue. d. an unpredictable change in the total revenue.