Which of the following is LEAST likely characterized by mixed strategies?
A) the choice of whether to go to war or not
B) the choice of which pitch to throw in baseball
C) the choice of which play to run in football
D) the choice of where to kick a soccer penalty shot
A
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Use the following graph for a profit-maximizing pure monopoly to answer the next question.
At equilibrium, the firm will be generating ________.
A. a loss B. a normal profit C. an economic profit D. a profit that cannot be determined from the given graph
Using the quantity equation, if the velocity of money grows at 5 percent, the money supply grows at 10 percent, and real GDP grows at 4 percent, then the inflation rate will be
A) 19 percent. B) 15 percent. C) 11 percent. D) 6 percent.
The wealth effect, the interest rate effect, and the foreign trade effect are three complementary explanations for the ______ of the aggregate demand curve.
a. leftward shift b. negative slope c. rightward shift d. positive slope
The price elasticity of demand for beef is estimated to be 0.60 (in absolute value). This means that a 20 percent increase in the price of beef, holding every thing else constant, will cause the quantity of beef demanded to
A) decrease by 12 percent. B) decrease by 26 percent. C) decrease by 32 percent. D) decrease by 60 percent.