Which of the following is not characteristic of perfect competition?
a. many buyers and sellers
b. brand name advertising
c. standardized products
d. fully informed buyers and sellers
e. free entry and exit of firms
B
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When both players in a game play a dominant strategy, the outcome will be
a. Pareto optimal. b. a Prisoners' Dilemma. c. a Stackelberg equilibrium. d. the game's only Nash equilibrium.
In economics, positive statements are about
A) the way things ought to be. B) the way things are. C) macroeconomics, not microeconomics. D) microeconomics, not macroeconomics.
The change in a firm's total cost from producing one more unit of a good or service is the firm's
A) average cost of production. B) explicit cost of production. C) marginal cost of production. D) implicit cost of production.
If the annual growth in a nation's productivity is 2.8 percent rather than 1.5 percent, then the nation's standard of living will double in about:
A. 20 years instead of 40 years B. 25 years instead of 47 years C. 46 years instead of 70 years D. 55 years instead of 115 years