When local police and fire departments buy new cars for their operations, these are counted as part of:
A. C
B. I g
C. G
D. X
C. G
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Refer to Figure 3.7. Answer the following questions about the game represented in the figure:
a. What type of game is represented by the payoff matrix? b. Does George have a dominant strategy, and if so, what is it? c. Does Elaine have a dominant strategy, and if so, what is it? d. Does George have a tough strategy, and if so, what is it? e. Does Elaine have a tough strategy, and if so, what is it? f. Are there any Nash equilibria, and if so, what, are they?
If a monopoly can perfectly price discriminate, then its marginal revenue curve will be
A) the same as its demand curve. B) the same as its supply curve. C) the same as its marginal cost curve. D) a vertical line at the profit-maximizing quantity of output. E) undefined because it does not exist.
Karl Marx was critical of markets on the grounds that they are not efficient
a. True b. False Indicate whether the statement is true or false
Jerry has the choice of two bonds, one that pays 5 percent interest and one that pays 2 percent interest. Which of the following is most likely?
a. The 2 percent bond is more risky than the 5 percent bond. b. The 5 percent bond is a U.S. government bond, and the 2 percent bond is a junk bond. c. The 2 percent bond has a longer term than the 5 percent bond. d. The 2 percent bond is a municipal bond, and the 5 percent bond is a U.S. government bond.