Refer to the payoff matrix above. Which of the following is the iterated elimination of dominated strategies outcome of the game?
A) Middle/High
B) High/High
C) Low/High
D) Low/Middle
C) Low/High
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A fiduciary monetary standard exists when the value of a currency
A) is determined by law. B) is convertible to a fixed quantity of gold. C) depends upon the public's confidence that the currency can be exchanged for goods and services. D) increases with inflation.
Which of the following statements about business organizations is TRUE?
A) Partnerships are more common than proprietorships and are responsible for a larger percentage of business receipts. B) Proprietorships are more common than either partnerships or corporations but are responsible for the smallest share of total business receipts. C) Corporations are larger in number than either proprietorships or partnerships and also receive a larger percentage of total business receipts. D) Partnerships are larger than both proprietorships and corporations but are less numerous than corporations.
Banks that were so large in terms of assets or customers, or so historically important, that banking regulators allowed the bank to keep operating despite insolvency after the housing market crash were called:
A. too small to fail. B. too large to succeed. C. too small to succeed. D. too large to fail.
The demand curve a monopoly faces is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.