When attempting price regulation a government faces what problem(s)?
A) limited information
B) bribes
C) uncooperative firms
D) All of the above.
D
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Why are economists less worried about industry concentration than they once were?
What will be an ideal response?
In a repeated game, cooperation can be enforced by the use of a trigger strategy that
A) leads to a higher payoff of the cheated upon player. B) reduces the payoff of the player that reneged the agreement. C) rewards the player that reneged the agreement. D) is a dominant strategy.
'Reverse causality' means:
a) the value of two things move in the opposite direction b) the value of two things move in the same direction c) changes in 'A' most likely caused changes in 'B', yet someone concluded 'B caused A' d) 'A' happened before; 'A' happened again e) there is a 'spurious correlation' between 'A' and 'B'
Which of the following pairs of goods is the best example of substitute goods?
a. Borden's milk and Nabisco cookies b. Goodyear tires and Ford automobiles c. Exxon gasoline and Ford automobiles d. McDonald's Big Mac and Wendy's grilled chicken sandwich e. Dell computers and Microsoft software