California voters and legislators frequently debate about the true cost of water in the course of trying to establish state policy to govern the use of water. The issue is confusing because
A) all water is ultimately a free gift of nature.
B) the cost of water is infinite.
C) water in itself, considered simply as a chemical compound, cannot be assigned any specific cost.
D) we cannot settle a question that is entirely a matter of opinion.
C
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Which of the following is true about monetary policy?
A. It is ineffective in the long run and difficult in the short run. B. It is effective in the long run and easy in the short run. C. It is ineffective in the short run and difficult in the long run. D. It is effective in the short run and easy in the long run.
A "mixed strategy" equilibrium means that
A) the strategies chosen by the players represent different behaviors. B) one player has a dominant strategy, and one does not. C) one player has a pure strategy, and one does not. D) the equilibrium strategy is an assignment of probabilities to pure strategies. E) the equilibrium strategy involves alternating between a dominant strategy and a Nash strategy.