Table 6.1Refer to Table 6.1. When quantity = 3, this market is ________ because ________.
A. inefficient; willingness to pay > marginal cost
B. inefficient; willingness to pay < marginal cost
C. efficient; willingness to pay = marginal cost
D. producing too much consumer surplus; willingness to pay > marginal cost
Answer: A
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Joe is the owner of the 7-11 Mini Mart, Sam is the owner of the SuperAmerica Mini Mart, and together they are the only two gas stations in town. Currently, they both charge $3 per gallon, and each earns a profit of $1,000. If Joe cuts his price to $2.90 and Sam continues to charge $3, then Joe's profit will be $1,350, and Sam's profit will be $500. Similarly, if Sam cuts his price to $2.90 and Joe continues to charge $3, then Sam's profit will be $1,350, and Joe's profit will be $500. If Sam and Joe both cut their price to $2.90, then they will each earn a profit of $900. You may find it easier to answer the following questions if you fill in the payoff matrix below. 
width="383" />If both players choose their dominated strategy they will each earn ________, and if both players choose their dominant strategy they will each earn ________. A. $900; $1000 B. $1000; $900 C. $500; $1350 D. $900; $1350
If discrimination ceased altogether, minority workers would still be handicapped by past labor market discrimination
Indicate whether the statement is true or false
After getting a raise at work, Jennie now regularly buys steak instead of hamburger. Based on this behavior, we can assume:
A. steak is a normal good, and hamburger is an inferior good for Jennie. B. steak is an inferior good, and hamburger is a normal good for Jennie. C. steak and hamburger are complementary goods for Jennie. D. steak and hamburger are normal goods for Jennie.
_____ is the resource whose productivity is most commonly measured
a. Labor b. Capital c. Land d. Energy e. Money