A tit for tat strategy, players __________
a. Never strikes first
b. Responds immediately to cheating
c. Limits the punishment to only one period
d. All of the above
d
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For a perfectly competitive firm, any price below its minimum AVC is a
A) market price. B) shutdown price. C) profit maximizing price. D) negative price.
The Bush tax cuts
a. reduced tax rates for the upper brackets and increased tax rates for lower income taxpayers. b. reduced tax rates for the upper brackets and held constant tax rates for lower income taxpayers. c. reduced tax rates for the upper brackets and decreased tax rates for lower income taxpayers. d. held constant tax rates for the upper brackets and decreased tax rates for lower income taxpayers. e. Increased tax rates for the upper brackets and decreased tax rates for lower income taxpayers.
If an increase in income results in a decrease in the quantity demanded of a good, then for that good, the
a. cross-price elasticity of demand is negative. b. price elasticity of demand is elastic. c. income elasticity of demand is negative. d. income elasticity of demand is positive.
Prices usually allocate resources efficiently because they allocate
A. consumption to the highest cost of good or service.
B. resources to the lowest value good or service.
C. consumption to the lowest value good or service.
D. resources to the highest value good or service.