Consider the accompanying payoff matrix.
Is this game a prisoner's dilemma?
A. It's a prisoner's dilemma for player B, but not for player A.
B. It's a prisoner's dilemma for player A, but not for player B.
C. No.
D. Yes.
Answer: C
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Assume that an individual has to choose between two options: buying a mobile phone, or buying an iPod. The expected cost of buying a phone is $700 and the expected benefit is $900
The expected cost of buying an iPod is $300, and the expected benefit is $600. How does the individual arrive at the optimal choice if he implements: a) optimization in levels? b) optimization in differences?
In markets, people's decisions are coordinated by
A) specialization according to absolute advantage. B) changes in property rights. C) learning-by-doing. D) adjustments in prices.
A firm’s minimum AC is $10, its minimum AVC $7. Show this firm’s short-run supply curve, explaining how you obtained it.
What will be an ideal response?
The concept of scarcity as used by economists refers to:
a. a situation of excess supply. b. a situation in which the available resources are not enough to satisfy the wants of the people at a zero price. c. a situation in which an item is available only in very small quantities. d. a situation in which an item is very expensive. e. a situation in which a resource is nonrenewable.