What is meant by the prisoners' dilemma? Do the players in the prisoner's dilemma game have a dominant strategy?
What will be an ideal response?
The prisoners' dilemma is a game where, although both players choose their dominant strategies, the equilibrium is not the best outcome for both players. For the players in a prisoners' dilemma game, confessing is a dominant strategy because it is each player's best response to any strategy the other player could choose.
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Median household income in the United States has increased from $38,771 in 1967 to $51,017 in 2012. Based only on this fact, we can conclude that
A) Inequality is increasing in the United States. B) Inequality is decreasing in the United States. C) Inequality is not changing in the United States. D) We cannot conclude anything about inequality in the United States without more information.
Variable costs
A) decrease with increasing output. B) increase with decreasing output. C) decrease with decreasing output. D) might increase or decrease with increasing output.
A person starts his own business after quitting his job in which he made $75,000. Expenses include $100,000 for wages and salaries, which includes a wage for the owner of $75,000, utilities of $5000, equipment of $50,000, and materials of $40,000
If revenues are $200,000, his accounting and economic profits are respectively A) $80,000 and $5000. B) -$70,000 and -$70,000. C) -$70,000 and $5000. D) $5000 and $5000.
Demand-side changes explain everything about stagflation.
Answer the following statement true (T) or false (F)