An unexpected decrease in the demand for accountants will lead to
a. an increase in the earnings of accountants.
b. an increase in the incentive of students to prepare for a career in accounting.
c. a reduction in the future supply of accountants.
d. an increase in the employment opportunities of accountants.
C
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Which of the following is true of an extensive-form game?
A) The sum of the payoffs to the players in the game is always constant. B) It involves simultaneous decision making by the players. C) It involves sequential decision making by the players. D) The players in the game earn equal payoffs in equilibrium.
One difference between oligopoly and monopolistic competition is that
A) a monopolistically competitive industry has fewer firms. B) in monopolistic competition, the products are identical. C) monopolistic competition has barriers to entry. D) fewer firms compete in oligopoly than in monopolistic competition.