Markets are best defined as
A) arrangements where buyers and sellers get together to buy and sell.
B) specific geographic locations where people get together to buy and sell.
C) hypothetical constructs used to analyze how people form their tastes and preferences.
D) places where people can inspect goods and services carefully.
A
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The study of how people make decisions in situations where attaining their goals depends on their interactions with others is called
A) game theory. B) dominant strategy equilibrium. C) the prisoner's dilemma. D) Nash equilibrium.
Use the following table, which shows a firm's production, output price, and various quantities of labor (workers) employed, to answer the next question.WorkersTotal Output per DayPrice of Good210$103151041910522106241072510How many workers will the profit-maximizing firm hire if the wage rate is $20 per day?
A. 3 B. 4 C. 5 D. 6
The total cost of the firm
A. includes implicit and explicit costs. B. includes implicit costs but excludes explicit costs. C. includes implicit and explicit costs but excludes a normal rate of return on investment. D. includes explicit costs but excludes implicit costs.
How much is the MPC?
