When players are in direct competition with one another, playing a mixed strategy leads to more predictable results than playing a pure strategy
Indicate whether the statement is true or false
FALSE
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A natural monopoly is a market where:
a. a single firm has control over a vital natural resource. b. many smaller firms can produce the entire market output at the same per-unit cost as could one large firm. c. a single large firm can produce the entire market output at a lower per-unit cost than a group of smaller firms. d. many smaller firms can produce the entire market output at a lower per-unit cost than could one large firm.
The three-step procedure for economic analysis
a. works better in macroeconomics than in microeconomics b. begins with characterizing the market c. helps governments decide how to change the market equilibrium d. focuses on goals and constraints e. is used only in microeconomics
If there're no tax and imports, the relationship between the multiplier and the MPC is
What will be an ideal response?
The Wagner Act
A) permitted unions to engage in collective bargaining. B) permitted states to pass right-to-work laws. C) restricted activities of heads of unions that were not beneficial to union members. D) mandates compulsory arbitration in some key industries.