In a sequential game
A) players try to figure out an opponent's future response in making their own moves.
B) all players make decisions at the same time.
C) players draw lots and take turns.
D) players figure out their own moves and then forecast their following moves.
A
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Farmer Jane grows wheat on land that is bought and paid for. She figures her profit per acre is $60 because she puts $30 of purchased inputs onto each acre, $10 worth of her time into working on each acre, and the harvested wheat sells for $100. Farmer Jane
a. has correctly calculated her economic profit. b. has forgotten to include the opportunity cost of the land in her calculation of profit. c. should not have included the value of her time in calculating profits. d. should not have included any costs in calculating her economic profit.
If Steve willingly consumes another slice of pizza, you can be sure that his marginal utility is:
A. falling. B. rising. C. positive. D. negative.
What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences. B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. C) Economic theories cannot be tested because economic variables change too quickly. D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.
Refer to the information provided in Figure 6.14 below to answer the question(s) that follow.
Figure 6.14Refer to Figure 6.14. If the price of an ice cream cone is $3, the price of ice cream sandwiches is
A. $3. B. $4.50. C. $33.33. D. $150.