When, in the game in Scenario 13.14, the strategy that would not be chosen under any circumstances is removed, what is left is a
A) Battle of the Sexes game.
B) Matching Pennies game.
C) Prisoners' Dilemma game.
D) Beach Location game.
E) constant-sum game.
C
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The labor supply curve is:
A) horizontal. B) downward sloping. C) vertical. D) upward sloping.
If the CPI at the end of last year was 100 and the CPI at the end of this year was 115, the inflation rate was
A) 1.5 percent. B) 15 percent. C) 100 percent. D) 115 percent.
Adam Smith was an American economist that published The Wealth of Nations, one of the most important books in the history of economic thought
Indicate whether the statement is true or false
The difference between what consumers have to pay for a particular and what they are willing to pay is known as
A) consumer surplus. B) producer surplus. C) deadweight costs. D) deadweight surplus.