As a substitute for laboratory experiments, economists use evidence available through history's
natural experiments.
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A welding machine is an example of a factor of production if it is being used to produce automobiles
Indicate whether the statement is true or false
Give a few examples of incentive compensation.
What will be an ideal response?
In the prisoners' dilemma,
a. the prisoners easily collude in order to achieve the best possible payoff for both. b. only one player has a dominant strategy. c. when each player chooses his dominant strategy the players achieve the best joint outcome. d. when each player chooses his dominant strategy the players reach a Nash equilibrium.
Which of the following statements accurately describes the situation shown?
a. A decrease in the supply of euros shifts the supply curve for euros from S1 to S2.
b. The supply curve for dollars shifts from S1 to S2 due to an increase in the supply of dollars.
c. An increase in the supply of euros shifts the supply curve for euros from S2 to S1.
d. The supply curve for euros shifts from S1 to S2 due to an increase in the supply of euros.