What does an empty core signify about the resources of the negotiators?
If the core is empty, it implies that they cannot come to an allocation of payoffs which is beneficial to all participants. This in turn implies that the parties may be better off producing independently, that is, their resources are not complementary.
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The three elements of a game are:
A. the model, the graph, and the costs. B. the firm, the consumers, and the profit. C. the players, the strategies, and the payoffs. D. the costs, the revenue, and the profit.
In Spain, people are considered organ donors unless they explicitly indicate they do not want to be. In the United States, people are only considered organ donors if they explicitly indicate they wish to be. Behavioral economics would suggest that
A) everything else equal, the opt-in system of Spain would generate more organ donors. as a percentage of the adult population. B) everything else equal, the opt-in system of the United States would generate more organ donors as a percentage of the adult population. C) everything else equal, the opt-out system of Spain would generate more organ donors. as a percentage of the adult population. D) everything else equal, the opt-out system of the United States would generate more organ donors as a percentage of the adult population.
In the Stackelberg model, the leader has a first-mover advantage because it
A) has lower costs than the follower.
B) commits to producing a larger quantity.
C) reacts to the follower's decision.
D) differentiates its output.
The graph below shows two indifference curves and QR and QS represent different budget lines. A change in the equilibrium position on the diagram from point 1 to point 2 could result, other things being equal, from:
A. An increase in the price of B
B. A decrease in the price of A
C. A decrease in the consumer's money income
D. An equal percentage increase in the consumer's money income and in the price of B