Which of the following is NOT a determinant of demand?

a. production technology
b. consumers' tastes
C. prices of other goods
d. consumers' incomes

Answer: a. production technology

Economics

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The dominant strategy for each of the players in the prisoner's dilemma game does not yield the optimal outcome for each player because:

A) each player is misinformed about the decision that has been made by the other player. B) the players do not understand the consequences of each of the choices they can make. C) the two players are not allowed to communicate or otherwise cooperate with each other. D) each player fails to consider how the other player might act.

Economics

X-inefficiency refers to the situation in which:

A) highly competitive firms have less incentive to minimize their costs of production than other firms because the highly competitive firms have almost no chance to earn above-average profits. B) firms are unable to minimize their costs of production because there is no potential for input substitution. C) firms that use labor-intensive production methods tend to be less efficient than firms that use capital-intensive production methods. D) firms with market power have less incentive to minimize their costs of production than more competitive firms.

Economics