If something is a medium of exchange, then it:
a. serves as a yardstick for measuring the value of other goods.
b. is a means of holding wealth for the future.
c. has an absolute value in gold.
d. is widely accepted as payment for purchases.
d
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One reason that DOWN,RIGHT is not a NASH equilibrium is that
a. Player B receives a payoff of 8 as opposed to the payoff of 20 that he would receive if he changed his strategy. b. Player B receives a payoff of 20 as opposed to the payoff of 30 that he would receive if he changed his strategy. c. Player A receives a payoff of 20 as opposed to the payoff of 30 that he would receive if he changed his strategy. d. DOWN, RIGHT is a Nash equilibrium.
If Boring were able to move first in a sequential version of the game in Scenario 13.15, the equilibrium would be
A) an $80 price for Simple and a $70 price for Boring. B) an $80 price for Simple and a $25 price for Boring. C) a $35 price for Simple and a $70 price for Boring. D) a $35 price for Simple and a $25 price for Boring. E) a mixed strategy equilibrium.
If a firm's implicit costs are greater than its explicit costs, it tells us nothing about whether a firm is earning economic or accounting profits
a. True b. False Indicate whether the statement is true or false
Given the following supply table, an increase in the price of pants from $30 to $50 per pair will increase the:Price (dollars per pair)A Supply Schedule for Pants Quantity Supplied (Pairs per week)$20400$30500$40600$50700
A. supply of pants by 700 pairs. B. supply of pants by 200 pairs. C. quantity supplied of pants by 500 pairs. D. quantity of pants supplied by 200 pairs.