In a game of bargaining, the player who is willing to:
A. be cooperative has more bargaining power and so receives a worse payoff.
B. hold out longer has more bargaining power and so receives a worse payoff.
C. hold out longer has more bargaining power and so receives a better payoff.
D. make the first move has more bargaining power and so receives a better payoff.
C. hold out longer has more bargaining power and so receives a better payoff.
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Based on the information above, video games have
a. A unitary elastic demand b. An inelastic demand c. An elastic demand d. A perfectly elastic demand
The smallest component of national income is
A. rent. B. interest. C. profits. D. salaries and wages.
In what sense do externalities cause the "invisible hand" of the marketplace to fail?
a. Externalities lead to government intervention in markets, which exacerbates the problems associated with externalities. b. Externalities result in prices that are too high for many consumers to pay. c. Markets fail to produce the maximum total benefit to society when positive or negative externalities are present. d. Markets produce too little of a good when positive or negative externalities are present.
The argument that when policy changes, people's behavior changes so that historical relationships between macroeconomic variables will no longer hold is known as
A. the policy irrelevance hypothesis. B. the Lucas critique. C. the Phillips curve. D. hysteresis.