A strategy game is
a. any pricing competition among firms
b. a situation arising from independent decision making among economic participants
c. interpendent choice behavior by individuals or groups who share a common goal
d. none of the above
c
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Suppose that D2 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D2 to D1, then:
a equilibrium price increases from $6 to $8.
b equilibrium quantity increases from 13 to 18
c equilibrium quantity decreases from 15 to 13.
d equilibrium price decreases from $6 to $4.
Suppose that a typical German factory can produce 20 cameras or 1 computer in an hour, and that a typical American factory can produce 10 cameras or 1 computer in an hour. The opportunity cost of 20 cameras in terms of computers in Germany is
A) 10 computers per camera. B) 2 computers per camera. C) 1 computer per camera. D) 1/20 of a computer per camera.
When purchasing a product with a credit card, our gut-feeling aversion to spending money is ________ and brain activity in the insula is ________.
A. strengthened; strengthened B. strengthened; weakened C. weakened; strengthened D. weakened; weakened
If a firm hires 215 workers it will produce 3,016 units of output. If it hires 216 workers it will produce 3,128 units of output. The marginal physical product of labor equals
A) 1. B) 112. C) 216. D) 3,128.