When playing a game, a pure strategy refers to
A) a strategy that does not allow any players to cheat.
B) the best possible strategy that can be played, given other players' strategies.
C) using the same strategy time after time.
D) the only possible winning strategy.
C
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An expectation of a price increase in the future would cause consumers to______ and producers to_____
a. Delay consumption; delay production b. Delay production; accelerate production c. Accelerate consumption; delay production d. Accelerate consumption; accelerate production
In what way is monopolistic competition more like competition, and in what way is it more like monopoly?
The percentage change in the quantity of a good demanded is calculated by:
a. multiplying the absolute change in quantity demanded and the average quantity demanded. b. dividing the absolute change in quantity demanded by the average quantity demanded. c. multiplying the absolute change in quantity demanded and the total quantity demanded. d. dividing the absolute change in quantity demanded by the total quantity demanded.
From an economic standpoint, the amount of pollution should be
A) zero. B) the amount that allows firms to maximize profits. C) the amount where firms are earning a normal rate of return on investment. D) at the point at which the marginal benefit from further reduction equals the marginal cost of further reduction.