Any rule that is used to make a choice is a
A) positive-sum game.
B) zero-sum game.
C) strategy.
D) rational decision.
Answer: C
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The measured unemployment rate tends to overstate the unemployment problem
Indicate whether the statement is true or false
If the demand and supply curves for a commodity both shift to the left by the same amount, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a higher price quantity. B) the same price and a higher quantity. C) the same price and a lower quantity. D) a lower price and a higher quantity.
What is the trade-off that consumers face when buying the product of a monopolistically competitive firm?
A) Consumers pay higher prices but the products are produced by highly efficient firms. B) Consumers pay lower prices but have fewer choices. C) Consumers pay a price greater than marginal cost, but have the luxury of choices more suited to their tastes. D) Consumers pay higher prices but receive better quality goods compared to the output of perfectly competitive firms.
If long run average costs are constant with respect to output, you have
a. Increasing returns to scale b. Decreasing returns to scale c. Constant returns to scale d. None of the above