Refer to the above figure. The figure gives the payoff matrix for two individuals who are being accused of robbing a bank together. If Bob does not confess, what is the best strategy for Harry?
A) Confess.
B) Don't confess.
C) Flip a coin to decide what to do.
D) There is no best strategy.
A
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Producer surplus is the:
a. number of producers who are excluded from a market because of scarcity. b. amount of a good that a producers will sell at a price below the equilibrium price. c. amount consumers actually pay for a good minus the amount the sellers are willing to sell the good. d. amount consumers are willing to pay for a good minus the cost of producing the good.
An excess supply of loanable funds occurs when: a. borrowers want to borrow fewer funds than savers want to supply. b. borrowers want to borrow more funds than savers want to supply. c. the real interest rate is lower than the equilibrium interest rate
d. the real interest rate is equal to the equilibrium interest rate.