Which of the following best describes the guiding function of price?
A) In response to a surplus or shortage in two markets, price serves as a guiding function by decreasing in one market and increasing in the other market in the short run.
B) The guiding function of price is the movement of resources into or out of markets in response to a change in the equilibrium price of a good or service.
C) The guiding function of price occurs when the market price changes to eliminate the imbalance between supply and demand caused by a shortage or surplus at the original price.
D) The guiding function usually occurs in the short run while the rationing function usually occurs in the long run.
Question 2
After analyzing his opponent a tennis player decides to serve 10 of his serves to the left, 50 of his serves to the right, and 40 of his serves at the body of his opponent. This illustrates a
A) deterministic strategy.
B) dominant strategy.
C) mixed strategy.
D) non-game theoretic problem.
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