A vertical line has a slope of
a. infinity.
b. zero.
c. undefined.
d. 1,000.
a
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A game's outcome is a Nash equilibrium when
a. any attempt to improve one player's payoff will lower the other player's payoff. b. neither player wants to change his strategy, given the strategy chosen by the other player. c. the total payoff to the players is as large as possible. d. the first player has selected his strategy taking the second player's optimal response into account.
The elasticity of any demand curve is the same as its slope.
Answer the following statement true (T) or false (F)
Growth in a production possibilities curve diagram is shown as: a. a movement along the curve to the southeast. b. a movement along the curve to the southwest. c. an outward shift of the curve
d. an inward shift of the curve.
Which of the following would be an external cost in the market for cigarettes?
a. price of a pack of cigarettes b. loss of income for the smoker resulting from extra missed days of work c. higher life insurance premiums paid by the smoker due to smoking d. loss in utility in smoking by the smoker because the smoker must stand outside her office building in the cold winter to smoke e. increased risk of cancer to the nonsmoking passengers in the smoker's car pool