A game in which pursuing dominant strategies results in noncooperation that leaves all parties worse off is a
A) prisoner's dilemma.
B) cooperative equilibrium.
C) first-price auction.
D) zero-sum game.
Answer: A
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Suppose the residents of Metropolis travel to work either by bus or train. If the price of train tickets increases, then:
A. the demand for train tickets will decrease. B. the demand for bus tickets will increase. C. the demand for bus tickets will decrease. D. the demand for train tickets will increase.
All of the following are examples of product differentiation except one. Which is the exception?
a. developing a new video game or a computer program called "How to Teach Your New Dog Old Tricks" b. manufacturing a car that minimizes outside noise relative to other cars c. lowering the price of a good in a special sale d. providing movies and special meals on airline flights e. making sodium-free, caffeine-free colas
At the equilibrium price, the quantity of the good that buyers are willing and able to buy
a. is greater than the quantity that sellers are willing and able to sell. b. exactly equals the quantity that sellers are willing and able to sell. c. is less than the quantity that sellers are willing and able to sell. d. there is no scarcity.
Full-employment income is the same as the potential GDP of the economy.
Answer the following statement true (T) or false (F)