If, in the game in Scenario 13.14, R moves first, it will select
A) Q = 50.
B) Q = 100.
C) Q = 150.
D) a mixed strategy over the three choices that includes some positive likelihood for each Q.
E) a mixed strategy over the choices Q = 50 and Q = 100.
C
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If the price elasticity of demand is less than 1, a monopoly's
A) total revenue increases when the firm lowers its price. B) total revenue decreases when the firm lowers its price. C) marginal revenue is undefined. D) marginal revenue is zero.
If Bobby thinks that leisure is an inferior good, then his labor supply curve
A) is backward bending. B) is always negatively sloped. C) is always positively sloped. D) does not exist.
A normal good is defined by economists to be a good
a. with a negatively-sloped demand curve. b. that is purchased by at least 75 percent of the population. c. that is bought by consumers with normal tastes. d. whose demand increases when incomes increase. e. whose demand decreases when incomes increase.
Assets that a company might not be able to convert to cash quickly but that still have significant value (e.g., factory building, real estate, machinery) are known as
a. liquid assets b. hard assets c. corporate assets d. marketable securities e. none of these