In a repeated prisoner's dilemma, players:
A. can sustain cooperation by employing a tit-for-tat strategy.
B. always play their dominant strategy.
C. never learn to play their dominant strategies.
D. can sustain cooperation by playing their dominant strategy.
Answer: A
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A firm sells 30 units of its product at a price of $5 per unit. It incurs a fixed cost of $100 and a variable cost of $20. The firm's profit is:
A) $30. B) $50. C) $100. D) $150.
If Europe and the United States were the only two regions in the world, then U.S. residents might desire to buy euros for all except one of the following reasons. Which is the exception?
a. to invest in Europe b. to buy European goods c. to improve the U.S. balance of payments d. to make loans in Europe e. to buy European stocks
Marginal labor cost is defined as the addition to
a. output a firm would receive after hiring one more laborer b. total cost from hiring one more laborer c. revenue earned by selling one more unit of a good d. revenue earned by hiring one more laborer e. output received by spending one more dollar on labor
To say that a firm is competitive in the labor market is to say that the firm can choose
a. both the wage it pays its workers and the number of workers it hires. b. neither the wage it pays its workers nor the number of workers it hires. c. the wage it pays its workers, but it cannot choose how many workers to hire. d. the number of workers it hires, but it cannot choose the wage it pays its workers.