Prisoners’ dilemma shows the struggle for oligopoly between which of the following?
a. Competition and market demand
b. Competition and price setting
c. Cooperation and competition
d. Cooperation and price setting
c. Cooperation and competition
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Which of the following scenarios is an example of an investment in human capital?
A. A firm replaces manually controlled production with a computer-controlled procedure. B. A chemical firm supports research to develop new chemicals. C. A firm purchases new equipment for a manufacturing process. D. A firm pays for workers to take college classes.
When John's income was low, he could not afford to dine out and would respond to a pay raise by purchasing more frozen dinners. Now that his income is high, a pay raise causes him to dine out more often and buy fewer frozen dinners
Which graph in the above figure best represents John's Engel curve for frozen dinners? A) Graph A B) Graph B C) Graph C D) Graph D
Purchasing power parity exchange rates can be useful for making comparisons between countries, such as international comparisons of GDP and other economic statistics
a. True b. False Indicate whether the statement is true or false
Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Firm X ($/day)$500$514$530$555$585Cost to Firm Y ($/day)$400$420$445$480$520Cost to Firm Z ($/day)$300$325$360$400$550 Suppose the government requires each firm to reduce pollution to 2 tons of smoke per day, so that total daily smoke emission is 6 tons. The total cost to society of this policy will be ________ per day.
A. $59 B. $135 C. $230 D. $42