Refer to Scenario 14.1. Marco and Lisette decide to help each other out and agree to split any medical bills from their doctor. With this new arrangement, this scenario resembles a
A) chicken game.
B) assurance game.
C) battle of the sexes game.
D) prisoner's dilemma game.
D
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A market in which firms can enter and leave so easily that firms in the market face competition from potential entrants is called a
A) contestable market. B) cartel. C) limit pricing market. D) monopolistic competition market.
The Maastricht Treaty eliminated passport controls at borders with the European Union
Indicate whether the statement is true or false
Vertical integration often aims to
a. Prevent the retailers from defeating upstream price discrimination through arbitrage b. Avoid paying higher taxes c. Serve as a "signal" of the manufacturer's belief of the likely success of his product d. All of the above
If the sacrifice ratio is 2, reducing the inflation rate from 4 percent to 2 percent would
a. cost 1 percent of annual output. b. cost 4 percent of annual output. c. imply that unemployment would rise by 1%. d. imply that unemployment would rise by 4%.