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The process of making the best of our limited resources by doing the things we are best at and hiring other people to do the things we are not particularly good at is O A absolute O B. comparative advantage. O D. protectionism.
If Jacqueline is willing to accept $1 for a cupcake and surplus is O B. $2. 31
Alvin Chooses Top Up 6, 14,6 Alvin Chooses Bottom Left Up 2, 6, 8 6,2,6 A. OB. c, 0 D. Left. Right. both Left and Right Theodore does not have a dominant strategy 3
1, 1. 1 Ferris Chooses the Bowling Alley Alley 1, 1, 1 3, 3, 3 Movie Theater 1, 1, 1 1, 1, 1 Bowling Alley Refer to Figure 4.2. Use best- response analysis to answer the following question. If Ferriss choice placed us in the bowling alley, Sloanes best response, depending on the column she finds herself in, would include choosing all of the following cells except the one located at the section of the appropriate payoff matrix OA, upper left B. lower left C. lower nght O D. upper right Click to select your answer 31
rue O False
A market where goods are sold in violation of is a(n) 0 A, rent-seeking market. O B. export market O C. deadweight market. O D. black market
In a three-player game, a Nash rue ○ False Click to select your answer
Table 5.1 One Bracelet One Tiara 12 hours 3 hours 15 hours Andrea 2 hours Table 5.1 shows the number of labor hours required by Andrea and Hector to each produce one bracelet and one tiara. Refer to Table 5.1. What is Andreas opportunity cost of producing one bracelet? OA. 1/6 of a tiara O B. 2/3 of a tiara O C. 6 tiaras O D. 7.5 iaras Click to select your answer. 31
Ferris Chooses the Movie Theater Cameron 3, 3, 3 1, 1, 1 1, 1, 1 Sloane Bowling Alley Ferris Chooses the Bowling Alley Cameron Bowling Alley 1, 1, 1 3, 3, 3 Movie Theater 1, 1, 1 1, 1, 1 Sloane Bowling Alley Refer to Figure 4.2. The dominant strategy for Ferris is to 0 A, go to the movie theater. O B. go to either the movie theater or to the bowing alley O C. go to the bowling alley O D. Ferris does not have a dominant strategy Click to 31
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Homework Answers

Answer #1

1)

Answer: Comparative Advantage

specialisation where resources are best suited and hiring others where resources are not well suited, is called comparative advantage.

2)

Answer: 1

Consumer surplus = Price received - Minimum price ready to accept

= 2 - 1

= $ 1

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