If the Prisoners' Dilemma is repeated over and over again with the same two players having an indefinite time horizon,
a. the unique equilibrium is to play the Nash equilibrium of Rat each period.
b. players can cooperate on Silent if they are not too patient.
c. players can cooperate on Silent if they are patient enough.
d. players can only cooperate on Silent in the initial stages of the game.
c
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A severe hurricane hits Florida, destroying large amounts of the citrus crop. What is the most likely effect of this on the aggregate supply?
A. It will remain unchanged. B. No effect; the economy will move along the curve to a higher price level. C. No effect; the economy will move along the curve to a lower price level. D. It will increase. E. It will decrease.
A shift from S1 to S2 represents
A. an increase in supply.
B. a decrease in supply.
C. no change in supply.
An increase in price causes an increase in total revenue when demand is
a. elastic.
b. inelastic.
c. unit elastic.
d. All of the above are possible.
Refer to the above graph. The marginal opportunity cost of the fourth unit of bread is:
A. 1 unit of drill presses. B. 2 units of drill presses. C. 3 units of drill presses. D. 4 units of drill presses.