Another word for elasticity is
a. responsiveness
b. happiness
c. bonus
d. profit
e. surplus
A
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Which of the following statements is true?
A. Accounting profit is always positive. B. Economic profit is always positive. C. Accounting profit is greater than or equal to economic profit. D. Economic profit is greater than or equal to accounting profit.
An industry's equilibrium wage rate is established
A) by the industry supply curve for labor alone. B) by the slope of the industry demand curve for labor alone. C) by the Labor Department and based on the cost of living in the area. D) by the intersection of the industry supply and demand curves for labor.
Lee and Cody are playing a game in which Lee has the first move at A in the decision tree shown below. Once Lee has chosen either aggression or cooperation, Cody, who can see what Lee has chosen, must choose either aggression or cooperation at B or C. Both players know the payoffs at the end of each branch.
If Lee chooses aggression, Cody will respond with ________, and if Lee chooses cooperation, Cody will respond with ________.
A. aggression; cooperation B. aggression; aggression C. cooperation; cooperation D. cooperation; aggression
Answer the question on the basis of the following information for a public good. Pa and Pb are the prices that individuals A and B are willing to pay for the last unit of a public good, rather than do without it. These people are the only two members of society.Suppose government has already produced 4 units of this public good. The amount individual B is willing voluntarily to pay for the fourth unit is
What will be an ideal response?