Which of the following is likely to occur when it is known that a two-person game is to be played only once?
a. Collusion
b. The demand curve becomes perfectly inelastic for this time period
c. The prisoner's dilemma
d. The pursuit of profit maximization for the entire industry
e. An attempt to equate marginal revenue with marginal cost
B
Economics
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The short-run average total cost, average variable cost, and marginal cost curves are all U-shaped because of
i. constant total fixed cost. ii. increasing and then decreasing marginal returns as more labor is hired. iii. economies and diseconomies of scale as the plant size increases. A) only i B) only ii C) i and iii D) ii and iii E) i, ii, and iii
Economics
If your total satisfaction increases when you consume another unit, your marginal utility must be
A) positive. B) increasing. C) decreasing. D) negative.
Economics