The more elastic the supply of a product, the more likely it is that the
a. burden of a tax on the product will fall on sellers.
b. burden of a tax on the product will fall on buyers.
c. burden of a tax on the product will fall equally on both buyers and sellers.
d. deadweight loss of the tax will be smaller.
B
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The table above shows the payoff matrix offered to two suspected criminals, Bonnie and Clyde. The payoffs are the years they will spend in prison. The suspected criminals are not allowed to communicate
Given the information in the payoff matrix, the Nash equilibrium is that Bonnie ________ and Clyde ________. A) confesses; denies B) confesses; confesses C) denies; denies D) denies; confesses E) denies; either confess or denies, either outcome is consistent with the Nash equilibrium.
Graphically, a firm's total revenue is represented by the:
a. triangle formed under the demand curve. b. rectangle formed under the demand curve at a given price and quantity combination. c. rectangle formed under the average-total-cost curve at a given ATC and quantity combination. d. triangle formed by a line segment between the demand and average-total-cost curves at any level of output. e. triangle formed by a line segment between the horizontal axis and the average-total-cost curves at any level of output.