At what phase of the business cycle does the natural rate of unemployment occur?
a. at the peak during a boom
b. at the midpoint between a recession and a boom
c. at the trough during a recession
d. never because it is purely hypothetical
b. at the midpoint between a recession and a boom
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Planned economies
a. can increase production rapidly but are likely to be inefficient b. can produce efficiently but can't guarantee consumers' needs are met c. can produce efficiently, but only at low levels of output d. can provide for all society's needs, but are likely to be inefficient e. none of the above
The tit-for-tat strategy is:
A. one in which a player in a repeated game takes the same action that his or her opponent did in the preceding round. B. one in which both players explicitly agree to compete in the first round of a repeated game, and if one of them cooperates, the other will defect. C. not effective in prisoner's dilemma type games. D. All of these statements are true.
The profit-maximizing decision for the monopoly is:
A. to choose the quantity where marginal cost equals marginal revenue. B. the same as that of the perfectly competitive firm. C. to choose price according to demand. D. All of these statements are true.
A monopoly can successfully price discriminate as long as there are no close substitutes for its product
a. True b. False Indicate whether the statement is true or false