Which of the following is true of an extensive-form game?
A) The sum of the payoffs to the players in the game is always constant.
B) It involves simultaneous decision making by the players.
C) It involves sequential decision making by the players.
D) The players in the game earn equal payoffs in equilibrium.
C
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The figure above shows how the PPF for cell phones and new cell-phone factories can expand. In the figure, if the economy produced 4 million cell phones using the resources efficiently, the PPF would
A) expand farther than shown in the figure. B) expand along the vertical axis and not along the horizontal axis. C) expand, but not as far as shown in the figure. D) expand evenly along both axes. E) not expand.
Education has an external benefit. So to achieve the efficient level of education, an education voucher must equal the difference between the
A) marginal (private) cost and the marginal social benefit. B) marginal (private) benefit and the marginal social benefit. C) marginal social benefit and the marginal (private) cost. D) dollar price and marginal (private) cost. E) marginal (private) cost and the marginal social cost.