Suppose that, instead of taking this test, you could either have worked and earned income or partied and had a pleasurable time. Your opportunity cost of taking the test is the

Economists use game theory to analyze oligopolies because

A) it is more enjoyable for economists and students to learn by playing games. B) game theory is useful in understanding the actions of firms that are price takers. C) game theory helps us to understand why interactions among firms are crucial in determining profitable business strategies. D) real markets are too complicated to analyze without using games.

In 1879 . President Rutherford B. Hayes had the first telephone installed in the White House, but it was rarely used because:

a. he didn't know what it was b. it kept breaking and no one could fix it c. hardly anyone else in Washington had a telephone, so there was no one to call or to call in d. hand written letters were considered a more correct form of correspondence