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Q. The law of diminishing returns only applies in cases where:

Q. Which of the following is a zero-sum game?

Q. An inferior good is one for which an increase in income causes a(n)

Q. A game that involves multiple moves in a series of identical situations is called a

Q. A prisoners’ dilemma is a game with all of the following characteristics except one. Which one is present in a prisoners’ dilemma?

Q. The larger the diameter of a natural gas pipeline, the lower is the average total cost of transmitting 1,000 cubic feet of gas 1,000 miles. This is an example of:

Q. When a firm doubles its inputs and finds that its output has more than doubled, this is known as:

Q. Increasing returns to scale can be explained in terms of:

Q. If all resources used in the production of a product are increased by 20 percent and output increases by 20 percent, then there must be:

Q. A consumer with a fixed income will maximize utility when each good is purchased in amounts such that the: