What is the Nash equilibrium of this one-shot game?
a. Firm A will charge a lower price and firm B will charge a lower price
b. Firm A will charge a higher price and firm B will charge a lower price
c. Firm A will charge a lower price and firm B will charge a higher price
d. Firm A will charge a higher price and firm B will charge a higher price
a
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If the income elasticity of demand for a Miami Dolphins season ticket is 2.34, then are Dolphins season tickets a normal or an inferior good?
What will be an ideal response?
If the federal government announces a tax cut, which of the following is most likely in the short run?
a. A decrease in output, an increase in money demand, and an increase in the interest rate b. An increase in output, a decrease in money demand, and a decrease in the interest rate c. A decrease in output, a decrease in money demand, and a decrease in the interest rate d. An increase in output, an increase in money demand, and a decrease in the interest rate e. An increase in output, an increase in money demand, and an increase in the interest rate.
Which one of the following is counted in GDP?
A. Government spending B. Transfer payments C. Intermediate goods D. Leisure time
Which of the following statements is correct?
a. Based on studies of human decision making, most people are overconfident in their own abilities. b. Arrow's impossibility theorem disproves the median voter theorem. c. Romantic gifts are an example of adverse selection. d. An efficiency wage encourages workers to shirk.