Something that induces a person to act is called
a. a trade-off.
b. a policy.
c. an incentive.
d. an opportunity cost.
c
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A monopolistically competitive firm that earns economic profits in the short run will face a more elastic demand curve in the long run
Indicate whether the statement is true or false
"Full employment":
a. Means that everyone who is searching for a job has one. b. Occurs when there is 0% unemployment. c. Occurs when the labor force participation rate equals the employment rate. d. Occurs when there is 0% cyclical unemployment.
In a two-person repeated game, a tit-for-tat strategy starts with
a. cooperation and then each player mimics the other player's last move. b. cooperation and then each player is unresponsive to the strategic moves of the other player. c. noncooperation and then each player pursues his or her own self-interest. d. noncooperation and then each player cooperates when the other player demonstrates a desire for the cooperative solution.
Prices usually allocate resources efficiently because they allocate
A. consumption to the highest cost of good or service.
B. resources to the lowest value good or service.
C. consumption to the lowest value good or service.
D. resources to the highest value good or service.