The payoff matrix of economic profits above displays the possible outcomes for Bob and Jane who are involved in game of whether or not to advertise. After each player chooses his or her best strategy and sees the result
A) only Bob would like to change his decision.
B) neither player would be willing to change his or her decision unless the other player also changes his or her decision.
C) if Jane does not change her decision, Bob would like to change his.
D) if Bob does not change his decision, Jane would like to change hers.
B
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An improvement in technology that allows workers to process twice as many insurance forms in an hour than before will cause
a. more labor to be employed because its marginal revenue product has fallen. b. an increase in insurance premiums. c. fewer workers to be employed because their marginal revenue product has decreased. d. more workers to be employed because their marginal revenue product has increased. e. fewer workers to be employed because their marginal revenue product has increased.
If Logan received a $2,500 bonus and his MPS is 0.20, his consumption rises by $________ and his saving rises by $________.
A. 2,500; 20 B. 500; 100 C. 2,000; 500 D. 2,500; 200