"What If the Sun Were to Explode?" Asked Arleneene

question 13

Multiple Choice

"What if the sun were to explode?" asked Arleneene."But it never has," replied Karlevin."But what if it did?" insisted Arlene.'"But it never has! You worry too much about all those what-ifs," said Karl.In this example,Arlene is exhibiting _____ thought,while Karl is showing _____ thought.

• A)abstract;concrete
• B)concrete;abstract
• C)abnormal;idealistic
• D)deductive;inductive

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Definitions:

Stackelberg Model

A strategic game theory model that describes a market structure in which one firm (the leader) sets its output or price first, and then other firms (followers) make their decisions sequentially.

Reaction Curve

A graphical representation in economics that shows how one player’s optimal strategy choice depends on the strategy choice of another player.

Cournot Model

An economic model used to describe an industry structure in which companies compete on the quantity of output they will produce, assuming that their competitor's decisions are fixed.

Stackelberg Model

An economic model of strategic interaction in oligopolistic markets where one firm (the leader) sets its output first and then other firms (followers) set their outputs sequentially.