Communication between players prior to the start of a game that does NOT affect the payoffs is called

A) cheap talk.
B) ineffective bargaining.
C) a binding verbal contract.
D) pareto efficient.

A

Economics

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After graduation from college you will receive a substantial increase in your income from a new job. If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a(n):

A) normal good. B) substitute good. C) complementary good. D) inferior good.

Economics

To find economic profit from accounting profit, it is necessary to

A) subtract dividends. B) add retained earnings. C) subtract the opportunity cost of capital. D) add depreciation expense.

Economics