The tit-for-tat strategy only works for a prisoner's dilemma that:
A. has only one Nash equilibrium.
B. does not have a Nash equilibrium.
C. is played only one time.
D. is repeated.
Answer: D
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Which of the following is an example of price discrimination?
a. Nabisco provides cents-off coupons for its products. b. Amtrak offers a lower price for weekend travel compared to weekday rates on the same routes. c. Hotel rates for AAA members are lower than for nonmembers. d. All of the above are correct.
Surveys of consumers regarding labor standards indicate that they are willing to pay:
a. a large amount for a large improvement in working conditions. b. a small amount for a large improvement in working conditions. c. nothing for a large improvement in working conditions. d. a small amount for a small decline in working conditions.
Consumer’s surplus exists only for the last unit of a good that a buyer has purchased.
Answer the following statement true (T) or false (F)
Suppose that the price elasticity of demand for a product is -1 and that the price elasticity of supply is +1 . Assume also that the income elasticity of demand is +2 . Then an increase in income of 10% will raise equilibrium price by:
a. 10%. b. 5%. c. 20%. d. an annual amount that cannot be determined.