Suppose Jordan and Lee are trying to decide what to do on a Friday. Jordan would prefer to see a comedy while Lee would prefer to see a documentary. One documentary and one comedy are showing at the local cinema. The payoffs they receive from seeing the films either together or separately are shown in the payoff matrix below. Both Jordan and Lee know the information contained in the payoff matrix. They purchase their tickets simultaneously, ignorant of the other's choice. 
Which of the following statements is true?
A. Both the lower-left and upper right cells are Nash equilibria.
B. The upper-right cell is the only Nash equilibrium.
C. The lower-left cell is the only Nash equilibrium.
D. Both the upper-left and lower-right cells are Nash equilibria.
Answer: D
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The monopolistic competition market structure is characterized by:
a. few firms and similar products. b. many firms and differentiated products. c. many firms and a homogeneous product. d. few firms and a homogeneous product.
Which of the following is true of opportunism?
a. Opportunism increases the possibility that a party can gain by disregarding the contract. b. Opportunism lowers the cost of negotiation between parties when the contract is incomplete or unclear. c. Opportunism allows parties to maximize the value of their transactions. d. Opportunism leads to mutually beneficial outcomes.
As workforces become more educated in countries with comparative advantages in labor-intensive products, cheap labor becomes:
A. more abundant relative to capital. B. less abundant relative to skilled labor. C. more abundant relative to skilled labor. D. None of these is true.
“Gathering economic facts is futile unless accompanied by economic analysis.” Explain
Please provide the best answer for the statement.