The ________ the interest rate (discount rate) or the ________ the payment is to be received, the smaller the present value of a future payment will be
a. lower, nearer to
b. lower, further into
c. higher, nearer to
d. higher, further into
d
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A best response is ________
A) one player's optimal action choice irrespective of the action of the other player B) one player's optimal action choice taking the other player's action as given C) an action choice that always results in a zero payoff to the opponent D) an action choice that results in equal payoffs to all the players in a game
How does an unusually warm winter affect the equilibrium price and quantity of gloves?
A) It raises both the price and the quantity. B) It raises the price and decreases the quantity. C) It lowers the price and increases the quantity. D) It lowers both the price and the quantity.
For a home monopolist, a quota allows the firm to charge _______________ the tariff.
a. a higher price than b. a lower price than c. the same price as d. Not enough information is provided to answer the question.
Suppose the production function faced by the firm is Q = A1/3 B1/3.If the firm increases the use of both inputs by 1 percent, output will increase by
A. 2 percent. B. 0 percent. C. more than 10 percent. D. less than 1 percent.