The Condorcet paradox demonstrates that the result of a majority vote may be affected by
a. moral hazard.
b. adverse selection.
c. the order of the votes.
d. All of the above are correct.
c
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Prices of PlayStation 4 game systems are similar at almost every large retailer and little price competition occurs among these retailers. An explanation for this is
A) retailers are in a prisoner's dilemma which causes them to all charge the same price for PlayStation 4 game systems. B) pricing PlayStation 4 game systems is a repeated game. Over a long period of time a cooperative equilibrium has been reached where retailers charge high prices for these systems. C) retailers are all price takers. D) retailers have lobbied state governments to allow them to collude legally to set the prices of certain products.
As of 2011, government debt as a percentage of GDP was ________ in the United States, compared to 29 other major economies
A) higher than average B) extremely low C) highest D) lower than average
The Emission Trading Scheme of the European Union
A) created a market for pollutants. B) sets a cap on the amount of pollutants in each country. C) allowed firms to benefit from emitting pollutants. D) sets the amount of per-unit tax on each pollutant.
In a Nash equilibrium:
A. the strategy played by an individual depends upon the strategy played by other players B. the strategy played by each individual is a best response to the strategies played by everyone else C. there is no incentive for any player to deviate D. All of these are correct.