In a static game, firms
A) compete multiple times until there is a winner.
B) compete only once.
C) must have complete information.
D) act sequentially.
B
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Gross investment equals net investment plus
A) capital. B) capital gains. C) depreciation. D) dividends paid to the owners of the company.
For many jobs, as wages increase, the quantity supplied of labor increases. This set of facts is evidence that the
A) substitution effect is larger than the income effect and the supply of labor curve is upward sloping. B) income effect is larger than the substitution effect and the supply of labor curve is upward sloping. C) substitution effect is larger than the income effect and the supply of labor curve is backward bending. D) income effect is larger than the substitution effect and the supply of labor curve is backward bending.