Games:
A. only have one outcome possible.
B. with noncooperative equilibriums are always negative-negative outcomes.
C. may have several stable outcomes.
D. must have a dominant strategy present to reach a stable equilibrium.
C. may have several stable outcomes.
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Explain the difference between a regressive tax and a progressive tax
What will be an ideal response?
International trade between two nations increases the standard of living of both nations due to
A) specialization and gains from absolute advantage. B) specialization and gains from comparative advantage. C) high tariffs. D) political intervention.
Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 The opportunity cost of moving one miner from Middle Drift to another mine is:
A. 5 tons per day. B. 1 ton per day. C. 4 tons per day. D. 3 tons per day.
Suppose that football tickets at your university are given away for free, and that there are still empty seats for all games. Ignoring all other costs of going to the games, you should continue attending until your:
A. Total utility stops increasing B. Marginal utility begins to diminish C. Marginal utility stops increasing D. Total utility reaches zero