Which one of the following is a way to get out of a repeated Prisoner's Dilemma Nash Equilibrium?
a. Be envious
b. Try to decrease your competitor's pie while increasing your own
c. Do not be envious-focus on your slice of the profit pie
d. All of the above
c
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What makes up M1? Is M1 larger or smaller than real GDP?
What will be an ideal response?
Total variable costs will initially increase and then begin to decrease as output increases.
Answer the following statement true (T) or false (F)
Self-interest
A) implies that a person must try to increase wealth at all times. B) implies that people will not give away wealth. C) is consistent with many goals that people pursue, including betterment of others. D) applies only to people in market settings.
A local restaurant offers an "all you can eat" Sunday brunch for $12 . Susan eats four servings, but leaves half of a fifth helping uneaten. Why?
a. Her marginal value of a serving of brunch has fallen below $12. b. Her marginal value of a serving has fallen below $2.36 ($12 divided by 5 servings). c. Her marginal value of food has fallen to zero. d. The total value she places on brunch today exactly equals $12.