Most games in real life:
A. require intuition, common sense, and calculations.
B. require a rollback strategy.
C. have a best solution.
D. require a mixed strategy.
Answer: A
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If a monopolist's price is $50 at 63 units of output and marginal revenue equals marginal cost, and average total cost equals $43, then the firm's total profit is
A) $3,150. B) $2,709. C) $441. D) $7.
The Bureau of Labor Statistics would categorize a retiree who is not working as
A) unemployed. B) a discouraged worker. C) out of the labor force. D) employed.
You are more likely to hire a plumber to repair a leaky drain pipe
a. as the tax rate on your earned income rises b. if you already own the specialized tools required to complete the plumbing repair work c. following an increase in the opportunity cost of your time d. the more knowledge and experience in plumbing repair work that you possess e. as the transaction cost of entering into a plumbing contract increases due to government regulations
Which concept springs to mind when thinking of the classical model?
a. Inflation. b. Population growth. c. Markets clear. d. The microeconomy. e. Money supply.