In repeated games, all of the below make it easier to get out of bad situations except
a. Be nice, no strikes first
b. Respond immediately to rivals
c. Punish competitors as much as you can
d. Make sure your competitors can easily interpret your actions
c
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The additional benefit that Marvin gets from being vaccinated against the flu is known as the
A) external benefit. B) marginal private benefit. C) private cost. D) social cost. E) marginal social benefit.
One property of Kenneth Arrow's "perfect" voting system is that the ranking between any two outcomes A and B should not depend on whether some third outcome C is also available. Arrow called this property
a. transitivity. b. pairwise perfection. c. independence of irrelevant alternatives. d. irrelevance of social choices.
Use the figure below to answer the following question.
What is the amount of government revenue after the government imposes the excise tax on the market?
A. $540 B. $162 C. $486 D. $144
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.