A dominant strategy is one that a. makes every player better off. b. makes at le

Question

A dominant strategy is one that a. makes every player better off. b. makes at least one player better off without hurting the competitiveness of any other player. c. increases the total payoff for the player. d. is best for the player, regardless of what strategies other players follow. The slope of a line that passes through the point (10,15) and (20,7) is a. -4/5. b. 5/4. c. 4/5. d. -5/4. All else equal, what happens to consumer surplus if the price of a good increases? a. Consumer surplus increases. b. Consumer surplus decreases. c. Consumer surplus is uncharged. d. Consumer surplus may increase, decrease, or remain unchanged. The following table shows a portion of the demand schedule for a particular good at various levels of income. Using the midpoint method, when income equals $7,500, what is the price elasticity of demand between $16 and $20? a. 1.33 b. 1.80 c. 0.56 d. 0.75 The first sale to the general public of stock in a corporation is referred to as a. An original public sale. b. An initial public offering. c. A public bond offering. d. A public stock auction. If sellers do not adjust their quantities supplied at all in response to a change in price, a. supply is perfectly inelastic. b. supply is perfectly elastic. c. the time period under consideration must be very long. d. advances in technology must be prevalent.

Explanation / Answer

9. A demand strategy is one that:

c. Increases the total payoff for the player.

10. The slope of line that passes through the points (10,15) and (20,7) is:

d. - 5/4.

[(20-10) / (7-15) = 10/-8 = -(5/4)]

11. b. Consumer surplus decreases.

12. b. 1.8

13. b. An initial public offering.

14. a. Supply is perfectly inelastic.

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