Which is the following is true of games, in interactions between oligopolists?
a. All games are cooperative in nature
b. Those in cooperative games are assumed to act independently.
c. Communication is an important facet of noncooperative games.
d. Most games are noncooperative games.
d
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Inferior goods typically obey the law of demand because the substitution effect tends to dominate the income effect
a. True b. False
Referring to a production possibilities curve and the goods being compared, depict the economic event. The bubonic plague (Black Death) in the 1300s killed one-third of Europe's population (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on or near the curve B. A movement from a point on or near the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)