Stephenie can tell if her car has been fixed or not-it works, or it doesn't-but she cannot tell how it was fixed. The car repair is a(n)
A. experience good.
B. credence good.
C. luxury good.
D. search good.
Answer: B
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In game theory, actions such as cheating that focus solely on short-run gains are referred to as
A) territorial behavior. B) tit-for-tat strategic behavior. C) predatory behavior. D) opportunistic behavior.
The economy's potential output is
a. the maximum output that could be achieved temporarily during a time of economic boom. b. the minimum output that could be achieved during a recession. c. present when 100 percent of the labor force is employed. d. the maximum sustainable output of the economy given its resources.
The natural rate of unemployment is any type of unemployment that does not go away on its own even in the long run
a. True b. False Indicate whether the statement is true or false
A profit-maximizing firm in a monopolistically competitive market is characterized by which of the following?
a. average revenue exceeds marginal revenue b. marginal revenue exceeds average revenue c. average revenue is equal to marginal revenue d. revenue is always maximized along with profit