The dominant strategy for each of the players in the prisoner's dilemma game does not yield the optimal outcome for each player because:
A) each player is misinformed about the decision that has been made by the other player.
B) the players do not understand the consequences of each of the choices they can make.
C) the two players are not allowed to communicate or otherwise cooperate with each other.
D) each player fails to consider how the other player might act.
C
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Consider the following:
(i) Define the term diminishing marginal returns to labor. When diminishing marginal returns to labor exist, what can be said about the firm's cost curves? (ii) Define the term decreasing returns to scale. When decreasing returns to scale exist, what can be said about the firm's cost curves?
Positive relationships are also referred to as inverse relationships
Indicate whether the statement is true or false
In the early antebellum period, New England women's wages were about 1/3 of men's wages. By 1860, New England women's wages were
a. about ¼ of men's wages. b. about ½ of men's wages. c. more than men's wages. d. about equal to men's wages.
It is not optimal to have equal incomes.
Answer the following statement true (T) or false (F)