What is the difference between a demand schedule and a demand curve?
What will be an ideal response?
A demand schedule is a table that shows the relationship between the price of a product and the quantity of the product demanded. A demand curve is a curve that shows the relationship between the price of a product and the quantity of the product demanded.
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Which of the following statements is false?
Game Matrix IV
The following questions refer to the game matrix below.
Player A can play the strategies UP and DOWN and Player B can play the strategies LEFT and RIGHT.
a. Player A has a dominant strategy.
b. Player B has a dominant strategy.
c. This is a Prisoners' Dilemma.
d. This game has no Nash Equilibrium.
Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years. Yearly taxes are $20,000, and Hector received a one-time tax rebate of $5,000 during his first year of work
If Hector completely smooths consumption over his lifetime, his annual consumption is A) $37,516.67. B) $44,916.67. C) $45,083.33. D) $60,111.11.
In reality, the profit-maximization rule to set marginal revenue equal to marginal cost, is a(n) ________ rather than a(n) ________.
A) operational rule; target B) obtainable goal; operational rule C) operational rule; goal D) target; operational rule
In a coordination game, a Nash equilibrium occurs when
a. each player ignores the strategy of the other player b. each player chooses no strategy, but maintains the status quo c. each player chooses the same strategy d. one player can improve the outcome by changing strategy e. None of the answers is correct.