Open-access resources tend to be
a. conserved
b. taxed
c. overused
d. efficiently used
e. used in an environmentally sound manner
C
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Ebay is an online auction site where individual buyers and sellers receive feedback on their how well they conducted their transaction. This feedback is public available. What is the purpose of this feedback?
A) It is a signal that the buyer or seller is reliable. B) To reduce credit risk of a faulty buyer C) To reduce default risk of a faulty seller D) It is a tool to prevent moral hazard.
Suppose Jordan and Lee are trying to decide what to do on a Friday. Jordan would prefer to see a comedy while Lee would prefer to see a documentary. One documentary and one comedy are showing at the local cinema. The payoffs they receive from seeing the films either together or separately are shown in the payoff matrix below. Both Jordan and Lee know the information contained in the payoff matrix. They purchase their tickets simultaneously, ignorant of the other's choice. 
This game:
A. is not a prisoner's dilemma. B. has no Nash equilibrium. C. is a prisoner's dilemma. D. is an ultimatum bargaining game.
A microeconomic model CANNOT be used to
A) evaluate the impact of a price change on a firm's revenue. B) predict the impact of an increase in the minimum wage on unemployment. C) evaluate the fairness of a proposal to nationalize health insurance. D) evaluate the effect of an increase in stadium size on the price of a sport team's tickets.
Refer to the information provided in Figure 9.1 below to answer the question(s) that follow. 
Figure 9.1Refer to Figure 9.1. If this farmer maximizes profits, his average fixed costs will be
A. $2. B. $7. C. $11. D. $24.