If many people in a community get flu shots, the whole community benefits including those that did not get flu shots. Therefore, not enough people may decide to get the shots. This is one illustration of:
A. The market allocating resources efficiently
B. Monopoly power due to lack of competition
C. Supply-side market failure
D. Demand-side market failure
D. Demand-side market failure
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A record of all transactions between residents of the reporting country and residents of the rest of the world over a period of time is called the:
A) national income product accounts. B) balance of payments accounting system. C) accrual accounting system. D) none of the above.
For a given level of output, the short-run total cost of production
a. always falls below the long-run total cost of production b. always exceeds the long-run total cost of production c. always equals the long-run total cost of production d. may exceed or equal the long-run total cost of production e. may exceed or fall below the long-run total cost of production
As the market price decreases, the slope of the total revenue curve of a perfectly competitive firm becomes steeper
a. True b. False Indicate whether the statement is true or false
A game involving two players with two possible strategies is a prisoner's dilemma if each player has a dominant strategy and:
A. each player's payoff is higher when both play their dominated strategy than when both play their dominant strategy. B. neither player plays their dominant strategy. C. there is a Nash equilibrium that yields the highest payoff for both players. D. each player's payoff is higher when both play their dominant strategy than when both play their dominated strategy.