Which of the following changes would not shift the supply curve for a good or service?
a. a change in production technology
b. a change in the price of the good or service
c. a change in expectations about the future price of the good or service
d. a change in input prices
b
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In the short run, the horizontal sum of all of the marginal cost curves (above minimum average variable cost) of individual firms in a competitive market defines the
a. average variable cost curve b. market demand curve c. market supply curve d. average total cost curve e. total quantity demanded
Answer the following statement(s) true (T) or false (F)
1. The Good Samaritan Rule dictates that if a person witnesses a crime, they must assist the person against whom the crime is being committed. 2. It is always best to be the strong pig in Pigs in a Box. 3. For a Nash equilibrium to exist, at least one player must have a dominant strategy. 4. An outcome is not a Nash equilibrium if either player would be better off with a different strategy. 5. A player has a dominant strategy when there is one strategy the player would want to follow regardless of the other player's behavior.