If Mason's marginal benefit derived from the consumption of another candy bar is greater than the price of the candy bar,
a. Mason will not purchase any more candy bars.
b. Mason will increase his total satisfaction by purchasing the candy bar.
c. the opportunity cost of the candy bar is lower than the price.
d. Mason will decrease his total utility if he purchases the candy bar.
B
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Refer to Figure 18.2. After trade and specialization begin, the maximum amount of fishing poles that Macadamia can consume is
A) 40. B) 100. C) 120. D) 160.
Sarah's Soothing Diapers, Inc and Orville's Odorless Diapers, Inc are duopolists, who have agreed to collude. Orville has decided that he will comply with the collusive agreement as long as Sarah cooperated in the previous period
But if Sarah cheated in the previous period, Orville will punish Sarah by cheating in the current period. Orville's strategy is referred to as a A) Nash strategy. B) tit-for-tat strategy. C) trigger strategy. D) monkey-see, monkey-do strategy.