What happens when the prisoners' dilemma game is repeated numerous times in an oligopoly market? (i) The firms may well reach the monopoly outcome. (ii) The firms may well reach the competitive outcome. (iii) Buyers of the oligopolists' product will likely be worse off as a result
a. (i) and (ii)
b. (ii) and (iii)
c. (i) and (iii)
d. (i), (ii), and (iii)
c
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In the above figure, the competitive unregulated equilibrium is producing and consuming ________ vaccinations per year at a price of ________
A) 30 thousand; $40 B) 30 thousand; $30 C) 30 thousand; $20 D) 50 thousand; $30
If prices increase rapidly
A) money's usefulness as a store of value is diminished. B) money increases in value. C) deflation is likely. D) prices will decline to their normal level.
The terminal nodes in an extensive form representation
a. are used solely to show payoffs that represent a Nash equilibrium. b. represent the starting points for a sequential game c. indicate the strategies available to the players of a game. d. indicate the possible outcomes of a game
If marginal utility is zero, total utility is
A) falling. B) zero. C) at its maximum. D) negative.