Whenever a buyer and a seller agree to trade, both must believe they will be made better off
A) unless the buyer resides in a different country than the seller. International trade may make the buyer or seller worse off.
B) unless one party is richer than the other.
C) only if the buyer and seller live in countries with market economies.
D) whether the buyer and seller live in the same (or different) city or country.
Answer: D
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In the sequential version of a game using the same players, the same strategies, and the same possible outcomes as the original game, the equilibrium
A) may be different than in the original game. B) must be different than in the original game. C) will be the same as in the original game. D) is the same as the cooperative version of the original game. E) is the same as the noncooperative version of the original game.
The law of demand is illustrated by a demand curve that is
a. horizontal b. vertical c. upward sloping d. constant e. downward sloping