Consider the prisoner's dilemma model where two criminals have two options (confess or deny), and each criminal must make their decision without speaking to the other criminal first
If they both confess they each get 3 years, if only one confesses then he gets 1 and his partner gets 10, and if neither confesses then they each get 0. They are in fact both guilty. In this game, the Nash equilibrium is where A) both confess.
B) neither one confesses.
C) only one will confess.
D) It is impossible to say.
A
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Explicit costs are measured in dollars
Indicate whether the statement is true or false
An increase in total factor productivity could be the result of
A) adverse weather. B) the addition of new machinery. C) new hires. D) the introduction of new manufacturing methods.
If a company is associated with a green lizard and the company wants to protect the green lizard symbol, the company would consider the green lizard to be which of the following?
A) a patent B) a trade secret C) a copyright D) a trademark
According to economists, which of the following is NOT a factor of production?
A. Money. B. Labor. C. Entrepreneurship. D. Land.