Unions can be thought of as constituting
a. a monopoly element in the supply of labor.
b. a monopoly element in the demand for labor.
c. an oligopoly element in the supply of labor.
d. a competitive element in the demand for labor.
a
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The key issue with competition is the role competition plays in eliminating ________ and making the ________ as large as possible
A) cooperative surplus; profits B) producer surplus; consumer surplus C) deadweight losses; cooperative surplus D) shortages; total revenue
A successful market economy requires well defined property rights and
A) a safety net to ensure that those who cannot participate in the market economy can earn an income. B) detailed government regulations. C) balanced supplies of all factors of production. D) an independent court system to adjudicate disputes based on the law.
Nash equilibria:
a. always exist in pure strategies. b. generally come in even numbers. c. always exist in finite games. d. all of the above.
In the prisoner's dilemma:
A. a dominant strategy exists for only one player. B. a non-cooperative outcome is predicted. C. a cooperative win-win outcome can be predicted. D. All of these statements are true.