The prisoners' dilemma game presented in the text involves ________ players each with ________ strategies.
A. two; three
B. three; two
C. three; three
D. two; two
Answer: D
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Someone who does not contribute toward covering the cost of a good he desires, yet cannot be excluded from receiving the good, is called a free rider
a. True b. False Indicate whether the statement is true or false
Suppose that a new drug has been approved to treat a life-threatening disease. The demand for that drug is shown on the accompanying graph. Prior to approval of this drug, the only treatment for this condition was any one of several non-prescription, or over-the-counter, pain relievers. The demand for one brand of the several non-prescription pain relievers is also shown on the graph.
Demand for the new drug is ________ while demand for one brand of the over-the-counter pain relievers is ________.
A. the vertical line at 100; the line labeled A B. the line labeled A; the line labeled B C. the horizontal line at $60; the line labeled B D. the line labeled B; the line labeled A
Which of the following examples would most likely result in an economic loss for a firm?
a. A new firm competes with an appliance producer. b. A mattress producer increases its P* over MC. c. A drug company increases its budget for advertising. d. The government places regulations on a soft drink producer.
Which of the following is true for a monopolist?
A) Being the only seller in the market, the monopolist faces a perfectly inelastic demand curve. B) Being the only seller in the market, the monopolist faces a perfectly elastic demand curve. C) Being the only seller in the market, the monopolist faces the market demand curve. D) Being the only seller in the market, the monopolist faces a downward-sloping demand curve that lies below the marginal revenue curve.