The experimental results of the voluntary contribution game that contradict the predictions of game theory:
A. prove that game theory is wrong.
B. suggest very strongly that game theory is wrong.
C. could reflect incorrect assumptions about player's preferences.
D. have been refuted in subsequent economic experiments.
C. could reflect incorrect assumptions about player's preferences.
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Which of the following is an example of external economies?
(a) The cost of per unit produced in manufacturing goods falls as the industry size grows. (b) The cost of per unit produced falls as the firm size, not the industry size, grows. (c) The cost of per unit produced in manufacturing goods increases as the industry grows. (d) The cost of per unit produced falls as the size of the firm grows.
Between 1991 and 2008, the federal minimum wage increased from $4.25 per hour to $6.55 per hour, while the CPI increased from 136.2 to 215.3 . We can conclude from this that
a. the minimum wage increased in nominal and in real terms. b. the minimum wage decreased in nominal terms but increased in real terms. c. the minimum wage increased in nominal terms but decreased in real terms. d. more information is needed to determine what happened to the real minimum wage over the period.
Equilibrium price is
A. $5.
B. $4.
C. $3.
D. $2.
Which of the following is an example of a geographic monopoly?
a. a store in Childersburg that sells only shoelaces b. the only gas station in a radius of one mile c. a store in Sycamore that sells only scrap metal d. the only restaurant in a radius of 200 miles