What is the dominant strategy in the prisoner's dilemma?
A) There is no dominant strategy.
B) Each prisoner confesses because this is the rational action to pursue.
C) Do nothing in the hope that the other prisoner will also do nothing.
D) Do not confess because the other prisoner will most likely confess.
B
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The price of cereal rises. As a result, people have cereal for breakfast on fewer days and eat eggs instead. This behavior is an example of
A) a decrease in the quantity demanded of cereal because of the substitution effect. B) an increase in the quantity demanded of eggs because of the income effect. C) a decrease in the quantity supplied of cereal because of the substitution effect. D) an increase in the quantity supplied of eggs because of the income effect.
Read Eye on the Benefit and Cost of School on p. 15 and explain why both you and Clayton Kershaw made the right decision
What will be an ideal response?
An internal economies of scale is defined as
A) one whose size or scale effects are not located in the firm, but in the industry. B) one with falling costs over a specific level of output. C) one with falling costs over a relatively large range of output. D) one with falling costs over a relatively large range of output, but definite declining profits.
In the press, there has been a considerable amount of attention given to the notion of corporations being taxed. Explain how it is that a tax on a business could be borne entirely by consumers.
What will be an ideal response?