Game theory is the study of which of the following?
a. The prisoner's dilemma
b. The behavior of people engaged in recreational games
c. The mutual interdependence of firms in oligopolistic industries
d. The downward sloping demand curve faced by firms in an oligopoly
e. The interaction between marginal and average revenue
C
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Refer to the above supply and demand graph. Point A represents the current equilibrium level of output of this product and point B represents the optimal level of output from society's perspective. The amount of the subsidy to be given to consumers to correct this externality problem would be measured by:
A. EF. B. IJ. C. AB. D. GH.
An increase in the productivity of workers shifts the labor ________ curve to the ________.
A. supply; right B. demand; left C. supply; left D. demand; right
Which of the following is a macroeconomics question?
A. Should the government prevent the merger of two large firms? B. Why does a firm decide to enter a particular market? C. Should we have a constitutional amendment to balance the federal budget? D. Should the government put a tax on alcohol in an attempt to reduce highway fatalities?
The assumption that prices and wages are flexible implies that the:
A. short-run aggregate supply curve is irrelevant. B. long-run aggregate supply curve is irrelevant. C. long-run aggregate supply curve could not shift. D. short-run aggregate supply curve shifts slowly in response to deviations of current output from potential output.