Given that the world is filled with uncertainty
A) managers need to assess the probabilities of certain outcomes.
B) managers need to avoid using game theory, as it is too complex to be of any help.
C) managers need to hire statisticians to calculate expected values.
D) none of these choices.
A
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Which of the following displays these two characteristics: rivalry and excludability?
A) a pure private good B) a pure public good C) a club good D) a common pool resource
France's government is running a budget deficit. With no Ricardo-Barro effect, which of the following events will occur?
I. The supply curve of loanable funds will shift leftward. II. A higher real interest rate crowds out investment. III. Saving increases. A) I and II B) II and III C) I only D) III only
A wheat farmer and a firm in a perfectly competitive market are similar in that
A) both will earn an economic profit if their total revenue equals their total cost. B) both face vertical demand curves. C) both have to lower their prices if a rival firm lowers its price. D) both face horizontal demand curves.
Firms can only use one form of price discrimination
Indicate whether the statement is true or false