An outcome in which all players choose the best strategy they can, given the choices of all other players, is called:

The perfectly competitive firm's supply curve is that portion of the marginal cost curve that lies above the firm's average total cost curve

Indicate whether the statement is true or false

If movement of labor across countries is costless and painless, it can be expected that

A. all the countries in the world will operate at the full-employment level. B. the rate of unemployment will fall to zero in all the countries. C. the gross domestic product of the countries will equalize over time. D. the wage rates in the countries will equalize over time.