___________ is the study of how people behave in strategic situations.
A. Game theory
B. Administered prices
C. Price leadership
D. Kinked demanded
A. Game theory
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Two-thirds of sales tax revenues are collected by _____
a. the federal government b. state governments c. county governments d. city governments
In the case of automobile and medical insurance, adverse selection might mean that as the cost of insurance rises, the good drivers and healthy people reduce their coverage, while the poor drivers and unhealthy people maintain their coverage
a. True b. False Indicate whether the statement is true or false
If demand decreases and supply is unchanged, then the equilibrium price ____ and the equilibrium quantity ____. Question 11 options:
A. does not change; does not change B. rises; decreases C. falls; decreases D. falls; increases E. rises; increases
Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that Joe's marginal cost of staying open per hour is $24. How many hours should Joe stay open?
A. 3 hours B. 4 hours C. 5 hours D. 6 hours