In a two-good world, every allocation would be efficient only if:
a. both individuals were identical.
b. both individuals regard the two goods as perfect substitutes.
c. both individuals were identical and regard the two goods as perfect complements.
d. both individuals were identical and regard the two goods as perfect substitutes.
d
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If a player has a dominant strategy in a simultaneous-move game, then she is sure to get her best outcome
Indicate whether the statement is true or false
Consumers may benefit more than sellers from a subsidy to sellers if:
A. they deserve the subsidy more. B. the demand curve is relatively more elastic than the supply curve. C. the demand curve is relatively less elastic than the supply curve. D. Consumers can never benefit more than sellers from a subsidy to sellers.
Which of the following is an example of using physical capital to save time and money?
(A) Hiring more workers to do a job. (B) Lowering workers' wages to increase profits. (C) Building extra space in a factory to improve production. (D) Switching from oil to coal to make production cheaper.
Refer to Table 10.1. If the price of output is $10 per unit, the marginal revenue product of the third unit of labor is:
A. $50. B. $60. C. $500. D. $600.