The fact that resources tend to be specialized is one reason the production possibilities frontier is drawn

In game theory, a strategy

A) is useless, because firms are subject to bounded rationality. B) is useful in static games, but not in dynamic games. C) defines the specific actions a firm will make. D) determines the payoff matrix of the game.

Because resources are scarce relative to wants, the study of economics concerns

A) how money is important to people. B) how individuals, businesses, and governments make choices. C) how money is used to buy what people want. D) None of the above are correct.