In a graph showing the short-run cost curves, the one curve which declines continuously as we expand output is called
A. the average total cost curve.
B. the marginal cost curve.
C. the average variable cost curve.
D. the average fixed cost curve.
Answer: D
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For a single-price monopoly, marginal revenue is ________ when demand is elastic and is ________ when demand is inelastic
A) negative; negative B) negative; positive C) positive; negative D) positive; positive
A surprising outcome of the Rock-Paper-Scissors game is that
A) it is a clear example of a first mover advantage. B) there is no pure-strategy Nash equilibrium. C) it is best not to play the game. D) it is a good way to determine who goes first in a sequential move game.
Consider the following regression equation: 
. What does 
imply?
A. 
measures the ceteris paribus effect of 
on 
.
B. 
measures the ceteris paribus effect of 
on 
.
C. 
measures the ceteris paribus effect of 
on 
.
D. 
measures the ceteris paribus effect of 
on 
.
The cost, c, of a college education that serves only as a signal of a high-quality worker is $10,000. The wage of a known high-quality worker, wh, is $30,000. The wage for a known low-quality worker, wl, is $10,000. For what value of the share of the work force that is of high quality, s, is a pooling equilibrium possible?
A) s > 0.5 B) s = 0 C) s = 0.25 D) s < 0.45