The Prisoners' Dilemma is a particular type of game in which negotiation and enforcement of binding contracts is not possible, and such games are known as:
A) cooperative games.
B) noncooperative games.
C) collusive games.
D) Cournot games.
B
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If supporters of restrictions on imports argue that protection is needed to preserve a strategic industry, which of the following is being used?
A) Protecting national culture argument B) Infant-industry argument C) Save domestic jobs argument D) National security argument E) Dumping argument
A jurisdictional dispute means that
A) members of a union disagree on the outcome of union elections. B) a higher court reversed the decision of a lower court in a case brought by a union. C) a union leadership and membership cannot agree on an issue. D) two unions disagree on which should represent workers in a particular industry.
A sustained decrease in the price level is known as deflation
a. True b. False Indicate whether the statement is true or false
In a survey of consumers, Daniel Kahneman, Jack Knetsch and Richard Thaler asked their opinion of a hardware store's decision to
A) go out of business because a larger hardware store opened in the same city; 82 percent of those surveyed believed it was unfair for the larger store to compete with the smaller store. B) raise the price of snow shovels the day following a snowstorm; 82 percent of those surveyed believed this was unfair. C) sell tickets to sporting and cultural events at prices higher than prices paid at the ticket windows for the same events; 82 percent of those surveyed believed this was unfair. D) remain in business even though the store was not making an economic profit; 82 percent of those surveyed believed it would be unfair for the store to go out of business if there were no other hardware stores in the same area.