A constant-cost industry will have
A) a perfectly elastic long-run supply curve.
B) a perfectly inelastic long-run supply curve.
C) an upward sloping demand curve in the long run.
D) an upward sloping supply curve in the long run.
A
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Commodity money can best be described as
A) money used to purchase agricultural products B) a good used as money that also has value independent of its use as money C) standardized goods like gold that trade in a financial market D) the form of money used in a barter system
In the beauty contest where players predict the outcome of players choosing a number between 0 and 100
A) the Nash equilibrium is 0. B) your prediction should be based on what you think the winning number will be. C) the Nash equilibrium is 33. D) there is no Nash equilibrium because people are not rational.