The prisoner's dilemma game:
A. is a zero sum game.
B. is a game of chance.
C. is a game with a stable equilibrium.
D. is a game with no dominant strategies.
Answer: C
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The quantity which a firm will supply in the short run
a. can be read from its average cost curve. b. can be read from its average variable cost curve. c. can be read from the firm's marginal cost curve above average variable cost. d. is always zero above minimum average variable cost.
Firms in oligopoly markets are unable to collude effectively because cooperation is difficult with a large number of firms.
Answer the following statement true (T) or false (F)
The real GDP data could be properly thought of as
a. an index of our economic well-being. b. a measure of the total wealth of a nation. c. an index of total output or productive activity. d. an index that measures the size of government.
If tax policies become less favorable, then
A. The AD curve will shift to the left. B. The AD curve will shift to the right. C. There will be a movement to the right along the AD curve. D. The AD curve will not be affected.