Games with more than three players are generally analyzed using a

A perfectly competitive firm's marginal revenue exceeds its marginal cost at its current output. To increase its profit, the firm will

A) lower its price. B) raise its price. C) decrease its output. D) increase its output.

According to the substitution effect of labor supply, when the wage rate goes up:

A. it becomes more costly to consume leisure, so people will work more. B. it becomes less costly to consume leisure, so people will work more. C. the opportunity cost of enjoying leisure goes down. D. firms will hire more workers since people are more willing to work.