When playing a game, a pure strategy refers to
A) a strategy that does not allow any players to cheat.
B) the best possible strategy that can be played, given other players' strategies.
C) using the same strategy time after time.
D) the only possible winning strategy.
C
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Opportunity cost is illustrated on the production possibilities curve by a
A) bowed-out shape of the curve. B) shift to the right of the curve. C) shift to the left of the curve. D) movement along the curve.
An efficiency wage is:
A. a wage payment necessary to compensate workers for risk of injury on the job. B. a "wage" that contains a profit-sharing component as well as traditional hourly pay. C. an above-market wage that minimizes a firm's labor cost per unit of output. D. a wage that automatically rises with the national index of labor productivity.