In tit-for-tat, if your partner ________ in your first interaction, then you will ________ in your next interaction.
A. cooperates; defect
B. defects; defect
C. defects; cooperate
D. defects; refuse to play
Answer: B
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Suppose Alexander is successful in establishing a profitable market for his vegan bakery in what is a monopolistically competitive industry. In the long run, Alexander will most likely find it ________ to remain profitable as he faces ________ competition in the vegan bakery market.
A) easier; more B) harder; more C) easier; less D) harder; less
According to the neoclassical model, what would not result from the government levying a tax on firms for each worker the firm lays off?
A. Moral hazard would encourage workers to not work as hard as before. B. Firms would be less likely to lay off workers. C. The long-run unemployment rate would decrease. D. Unemployed workers would remain unemployed for longer periods of time. E. Firms would be less likely to hire workers.
Which of the following supply shocks will shift the long-run aggregate supply curve rightward?
What will be an ideal response?
Suppose the price of pepperoni falls. In the market for pizza, in which pepperoni of a popular ingredient, one would expect that
A) the supply of pizza would increase, and the price would fall. B) the demand for pizza would increase, and the price would increase. C) the demand for pizza would decrease, and price would fall. D) the supply of pizza would decrease, and price would rise.