The payoff matrix refers to a. the difference between total ...

[clippers!]

The payoff matrix refers to
 a. the difference between total revenue and total cost at different price levels
  b. a listing of the rewards and penalties associated with pursuing various strategies
  c. the difference between average and marginal cost for the non-competitive firm
  d. the difference between average and marginal revenue in a non-competitive industry
  e. the difference between average variable and average total cost to the firm

Question 2

Oil is an example of a renewable resource.
 a. True
  b. False

[Dominic]

Answer to Question 1

B

Answer to Question 2

B