A best response is ________
A) one player's optimal action choice irrespective of the action of the other player
B) one player's optimal action choice taking the other player's action as given
C) an action choice that always results in a zero payoff to the opponent
D) an action choice that results in equal payoffs to all the players in a game
B
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Which of the following shifts the supply curve for gasoline rightward?
A) a situation in which the quantity demanded exceeds the quantity supplied B) an increase in the price of gasoline C) a decrease in the price of a resource used to produce gasoline, such as crude oil D) an increase in the demand for gas-guzzling, sport utility vehicles
If the marginal product of a worker is 10 units and each unit of the good is sold for $5, the value of marginal product of the worker is:
A) $2. B) $5. C) $10. D) $50.