Essential components of a game include all of the following except:
a. players
b. payoffs
c. actions
d. an information set
e. cooperation
e
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Total surplus is maximized in a(n) ________
A) monopolistically competitive market B) perfectly competitive market C) oligopoly D) monopoly
As output increases, the slope of the curve showing the firm's average fixed cost is
A) first negative, then positive. B) first positive, then negative. C) always negative. D) always positive.
The curve that represents all possible combinations of goods that can be produced is called
A) the production possibilities curve. B) the resource allocation curve. C) the efficiency curve. D) the supply curve.
The set of skills, knowledge, experience, and talent that determine the productivity of workers is called:
A. human capital. B. physical capital. C. capital per worker. D. worker per capita.