Consider Figure 12.3. If Becky's payoff in the top rectangle were 300 instead of 90, the outcome of the game would be that:
A. both choose a high price.
B. both choose a low price.
C. Becky chooses a high price and David chooses a low price.
D. David chooses a high price and Becky chooses a low price.
Answer: B
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Increasing the stock of capital while holding the labor force constant will ________ output at a(n) ________ rate
A) decrease; increasing B) increase; increasing C) increase; decreasing D) decrease; decreasing
______________—a term referring to when a given percent price change in price leads to an equal percentage change in quantity demanded or supplied.
a. Infinite elasticity b. Zero inelasticity c. Constant unitary elasticity d. Perfect elasticity
Figure 10.5 Federal Outlays, Receipts, and Surplus/Deficit, as a Percent of GDP, 1980-2011
What will be an ideal response?
For activities in which the benefits are concentrated and the costs widespread, governments are likely to undertake
What will be an ideal response?