Refer to Figure 8.11. Which of the following statements is true?
A. Both Fred and Barney have a dominant strategy.
B. Neither Fred nor Barney has a dominant strategy.
C. Fred has a dominant strategy but Barney does not.
D. Barney has a dominant strategy but Fred does not.
Answer: C
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Suppose you use your debit card to buy soda from a soda machine. Which of the following is true regarding the transaction?
A) The debit card is not money; it's only an instruction to make a loan. B) The debit card is money; your use reflects the exchange of a good. C) The debit card is not money; its use is only a tool to cause money to move from your account. D) Your use makes the debit card money, as funds are transferred between your account and the machine owner. E) Using the debit card is like using a check and is, therefore, money.
Diseconomies of scale definitely means that as the firm increases its output, its
A) long-run average total cost increases. B) long-run average total cost decreases. C) short-run average total cost increases. D) short-run average total cost decreases.
The NAFTA treaty includes side agreements on ________________, ______________, and _________________.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is true?
A. The average farm has gone from 500 acres in the 19th century to 100 acres today. B. The Freedom to Farm Act of 1996 ended government payments to farmers. C. Despite hundreds of billions of dollars on farm price-support payments since World War II, the family farm is vanishing. D. About 20 million people live on farms today.