Refer to the above figure. The figure gives the payoff matrix for two individuals who are being accused of robbing a bank together. What is dominant strategy for Bob?
A) Confess.
B) Don't confess.
C) Flip a coin to decide what to do.
D) There is no dominant strategy.
A
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In a supply-demand diagram, the law of supply is illustrated by
a. shifting the supply curve to the right as suppliers expand production and to the left as they contract production. b. drawing the supply curve so that it slopes upward. c. showing how the equilibrium point changes as the supply curve shifts. d. drawing a vertical line at the quantity that producers choose to supply.
A perfectly competitive market is in equilibrium and then demand decreases. The decrease in demand means the market price will ________ and eventually there will be ________
A) rise; entry by new firms B) fall; exit by existing firms C) fall; entry by new firms D) rise; exit by existing firms E) fall; neither entry nor exit because the market is perfectly competitive
Many economists believe that the U.S. tax system would be made more efficient if the basis of taxation were changed so that people paid taxes, more so than they do now, based on their
a. saving rather than their income. b. spending rather than their income. c. income rather than their wealth. d. wealth rather than their spending.
Mr. Smith earns $1,000,000 and pays $100,000 in taxes. Mr. Jones earns $150,000 and pays $17,500 in taxes. The tax they pay would be considered
A. progressive. B. proportional. C. regressive.