Anticipating the decisions others will make in response to your decision while knowing the others are anticipating your response is known as

A) strategic interaction.
B) the wait-and-see game.
C) psychic intuition.
D) best-response analysis.

A

Economics

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Which of the following is true regarding income along a price-consumption curve?

A) Income is increasing. B) Income is decreasing. C) Income is constant. D) The level of income depends on the level of utility.

Economics

Tom and Lilly rented a house for $12,000 last year. At the start of the year they bought the house they had been renting directly from the owner for $250,000 . They believe they could rent it for $12,000 this year, but stay in the house. How much does Tom and Lilly's decision to buy the house change GDP?

a. it reduces GDP by $12,000 b. it does not change GDP c. it raises GDP by $238,000 d. it raises GDP by $250,000

Economics