Waiting in line for a free ticket involves no opportunity cost.
Answer the following statement true (T) or false (F)
False
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In mixed strategy Nash equilibria, players play each of two pure strategies with probability 0.5.
Answer the following statement true (T) or false (F)
A surplus of wheat
a. is impossible if people are hungry b. is impossible if the price of wheat is below equilibrium c. will result in an increase the price of wheat d. is unlikely to result in any change in the price of wheat e. indicates that the problem of scarcity of wheat has been solved
John moved his office from a building he was renting downtown to the carriage house he owns in back of his house. How will his costs change?
a. explicit and implicit costs rise b. explicit costs rise; implicit costs fall c. explicit and implicit costs fall d. explicit costs fall; implicit costs rise e. not enough information is given
Policy makers and citizens who want to expand the size of the government sector would favor stabilization policies that
a. raise G to eliminate a recessionary gap and lower taxes to eliminate an inflationary gap. b. raise G to eliminate a recessionary gap and raise taxes to eliminate an inflationary gap. c. reduce taxes to eliminate a recessionary gap and raise G to eliminate an inflationary gap. d. reduce taxes to eliminate a recessionary gap and reduce G to eliminate an inflationary gap.