A market served by only one firm is called a(n):
A. perfectly competitive market.
B. monopoly.
C. oligopoly.
D. Any of these could be correct.
Answer: B
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In an extensive-form game, payoff to a player is usually higher if ________
A) he follows a pure strategy B) he follows a mixed strategy C) he is the first mover D) he is the second mover
Answer the following statements true (T) or false (F)
1. Concern with the level of employment in the economy is a macroeconomic issue. 2. Microeconomics is a study of aggregates in the economy. 3. An economy’s wealth consists of a multitude of consumer and capital goods. 4. Economic services lack the characteristic of transferability found in economic goods.
The value of a network
A) is related to how many are in the network. B) is not related to how many are in the network. C) is related to its impact on diminishing marginal returns. D) none of these choices.
The official definition of a recession is when real GDP declines for two consecutive quarters
a. True b. False