A game in which players collectively lose is known as a
A) zero-sum game.
B) positive-sum game.
C) negative-sum game.
D) cooperative game.
C
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If demand increases and supply decreases, but supply decreases more than demand increases,
a. equilibrium price will fall. b. equilibrium quantity will fall. c. quantity sold will increase. d. the quantities of both demand and supply will increase.
In long-run equilibrium, output is expanded to the minimum long-run average total cost by:
a. perfectly competitive firms but not by monopolistically competitive firms. b. monopolistically competitive firms but not by perfectly competitive firms. c. both monopolistically competitive firms and perfectly competitive firms. d. neither perfectly competitive firms nor monopolistically competitive firms.
The theory by which people optimally use all available information when forecasting the future is known as
a. rational expectations. b. perfect expectations. c. credible expectations. d. predictive expectations.
A legal entity, distinct form any individual persons, that has the power to own property and conduct business.
What will be an ideal response?