The prisoners’ dilemma is a famous game that demonstrates the basic problem confronting ______.
a. colluding oligopolists
b. cartels
c. non-colluding oligopolists
d. perfect competitors
c. non-colluding oligopolists
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We have learned from this chapter that the real value of the debt is eroded by inflation and may be overestimated because of it and other factors. Do you feel that the debt will be a major concern during your working lifetime and retirement?
What will be an ideal response?
Explain the economic rationale behind military alliances. Do new members always strengthen the alliance? Why or why not?
What will be an ideal response?
Statistical discrimination is when you take action to:
A. reveal private information about someone else. B. reveal one's own private information. C. find out the opportunity cost of acquiring more information. D. fill gaps in your information by generalizing based on observable characteristics.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.