In a Non-Zero-Sum Game

question 32

Multiple Choice

In a non-zero-sum game:

• A)both can win and both can lose.
• B)one side wins and the other loses.
• C)one's gains equal another's losses.
• D)altruistic motives dominate.

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Definitions:

Opportunity Cost

The economic consequence of bypassing the closest better choice when making a decision.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology, etc.), assuming all resources are fully and efficiently utilized.

Labor Force

The total number of people who are employed and those actively seeking employment in an economy.

Bowed Out

A term used to describe the shape of a production possibilities frontier that demonstrates increasing opportunity costs.