Golden Rule of Cost Minimization - to minimize cost, the firm should employ inputs in such a way that the _______________ per dollar spent is equal across all inputs.

Refer to the scenario above. Which of the following will be true if Harry is known to be trustworthy?

A) The outcome will be a Nash equilibrium. B) The equilibrium outcome will be socially inefficient. C) Unique equilibrium will not occur. D) Multiple equilibria will occur.

A country can benefit by indulging in international trade when:

a. it produces a good in which it has absolute disadvantage. b. it produces a good in which its trading partner has an absolute advantage. c. it produces a good in which it has comparative advantage. d. it produces all the goods which are supported by its resources. e. it produces nothing and merely depends on foreign imports.