What are property rights?
These are rights to use something in a defined manner, and they often include the right to sell or otherwise transfer it. Property rights are often open-ended and do not exhaustively specify the owner's alternatives.
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The conditions that will always identify a Nash equilibrium include:
a. subjectively getting into the mind of one's opponent b. a reflexive assessment of the best reply responses c. a prospective condition of improvement d. a through c e. b and c only
Which of the following is the correct statement of the marginal rule for optimal input proportions? The input proportion is optimal when
a. PA = PB. b. MPPA = MPPB. c. PA × MPPA = PB × MPPB. d. PA/PB = MPPA/MPPB.
When you own part of a company and share in its profits, we say that you have:
A. credit with that company. B. intermediary stock in that company. C. financial diversification in that company. D. equity in that company.
A purely competitive firm:
A. must earn a normal profit in the short run. B. cannot earn economic profit in the long run. C. may realize either economic profit or losses in the long run. D. cannot earn economic profit in the short run.