The tit-for-tat strategy is:
A. one in which a player in a repeated game takes the same action that his or her opponent did in the preceding round.
B. one in which both players explicitly agree to compete in the first round of a repeated game, and if one of them cooperates, the other will defect.
C. not effective in prisoner's dilemma type games.
D. All of these statements are true.
A. one in which a player in a repeated game takes the same action that his or her opponent did in the preceding round.
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If U.S. exports are $2.2 billion and our imports are $2.7 billion
A) the United States is lending to the rest of the world. B) U.S. national saving is too high. C) the United States is borrowing from the rest of the world. D) U.S. investment must decrease.
In a graph with output on the horizontal axis and total revenue on the vertical axis, what is the shape of the total revenue curve for a perfectly competitive seller?
A) a ray from the origin B) inverted U-shaped C) U-shaped D) a horizontal line
Assume that when the price of good Z is increased from $5 to $6, the total revenue earned increases from $600 to $690. Based on this information, we can conclude that over this range, demand for Z is:
A) elastic. B) unit elastic. C) inelastic. D) perfectly inelastic.
The organized groups of people who favor government intervention do so at the expense of other groups because even government resources are limited
Indicate whether the statement is true or false