If both players in a game have dominant strategies, we say that the game has:
A) a constant sum.
B) a nonconstant sum.
C) independence of irrelevant alternatives.
D) an equilibrium in dominant strategies.
D
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A change in demand means that
a. more will be bought at a lower price. b. a changed amount will be bought at the same given prices. c. less will be purchased at a higher price. d. the quantity demanded changes as the price changes.
If quantity of tea is measured on the horizontal axis and quantity of coffee is measured on the vertical axis, an increase in the price of coffee will cause the budget constraint to:
A) pivot leftward along the vertical axis. B) pivot rightward along the vertical axis. C) pivot leftward along the horizontal axis. D) pivot rightward along the horizontal axis.
If a good has an absolute price elasticity of 0, the demand for the good is
A) unit elastic. B) inelastic. C) perfectly inelastic. D) elastic.
Identified departures from perfect rationality include:
A. incoherent choices. B. bias towards the status quo. C. anchoring. D. All of these are identified departures from perfect rationality.