A noncooperative game is
A. companies colluding in order to make higher than competitive rates of return.
B. when plans made by firms are known as game strategies.
C. the manner in which one oligopolist reacts to a change in price made by another oligopolist in the industry.
D. a game in which firms will not negotiate in any way.
Answer: D
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A perfectly competitive firm is producing at the point where its marginal cost equals its marginal revenue. If the firm boosts its output, its total revenue will
A) rise and its total variable cost will rise even more. B) rise and its total variable cost will rise, but not by as much. C) fall but its total variable cost will rise. D) fall and its total variable cost will fall, but not by as much.
The percentage of the burden of an excise tax that is borne by sellers generally depends on the
a. size of the tax. b. relationship between the elasticity of demand and the elasticity of supply. c. elasticity of demand. d. elasticity of supply.
Suppose the figure below illustrates the demand curve facing a monopolist. 
If the monopolist decreases its price from $12 to $10, its total revenue will ________.
A. decrease by $600 B. decrease by $1000 C. increase by $600 D. increase by $1000
A dummy variable trap arises when a single dummy variable describes a given number of groups.
Answer the following statement true (T) or false (F)