A game includes
A) a strategy.
B) payoffs.
C) rules.
D) All of the above.
D
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In terms of utility theory, "equilibrium" in the real world means that
a. households are consuming as much of every commodity as they would like b. households have spent their incomes in such a way that their overall satisfaction is maximized c. households have spent their incomes in such a way that their marginal utility is maximized d. households have spent their incomes in such a way that their marginal utility is zero for every product consumed e. households have spent their incomes in such a way that their total utility is zero
A major difference between a tariff and a quota is that a tariff:
a. will reduce imports, but a quota generally will not. b. can easily be rescinded, but a quota cannot. c. will reduce the ability of foreigners to obtain the purchasing power to buy a nation's export goods, but a quota will not affect the foreign demand for the nation's exports. d. typically generates tax revenue, while a quota does not.
When depository institutions have negative excess reserves, it indicates that the banking system is not "loaned up."
a. True b. False Indicate whether the statement is true or false
The graph above shows the demand and cost conditions facing a monopolist. What price will the monopolist set?
A. $20 B. $40 C. $60 D. $30 E. $50