If a car salesman is paid a fixed salary, the owner is most likely to see
a. A large volume of sales, with large margins
b. A large volume of sales with no margins
c. Low to no sales with low margins
d. Low sales but with large margins
c
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Which of the following most accurately reflects the opportunity cost to a pharmacist who drives a taxi?
a. the dollars spent on his previously acquired education in pharmacy b. the revenue derived from operating the cab c. zero if the pharmacist received his education on a scholarship that paid his full tuition d. the value of the pharmacist's time in its highest valued use other than driving a cab
A complete information game is a special case of an incomplete information game -- where "Nature" assigns each player a "type" with probability 1.
Answer the following statement true (T) or false (F)