Which among the following situations refers to a zero-sum game?
A) Two nations trying to strengthen their diplomatic relations
B) A business firm deciding upon the terms of partnership
C) Two players playing a single game of chess
D) Two teams deciding on the rules of a game
C
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Interlace, Inc produces and a unique soda. The company cannot price discriminate. The figure above shows Interlace's demand curve, marginal revenue curve, and marginal cost curve. Interlace's profit maximizing price is ________ per bottle
A) 70 cents B) 50 cents C) 40 cents D) 1 dollar
Assume that excessive lobbying by tea cultivators led to the announcement of a price floor higher than the equilibrium price of tea. This legislation is likely to result in a shortage of tea leaves in the market
Indicate whether the statement is true or false
U.S. tire production involves large social costs from air pollution. How will stronger U.S. environmental regulations requiring firms to reduce their air pollutants affect U.S. tire imports?
a. Stronger U.S. environmental regulations will cause increases in U.S. tire imports. b. Stronger U.S. environmental regulations will cause decreases in U.S. tire imports. c. Stronger U.S. environmental regulations will neither cause increases nor decreases in U.S. tire imports d. Stronger U.S. environmental regulations will cause decreases in U.S. tire imports but not reduce tire producers' emissions of air pollutants.
The free-rider problem exists because it is difficult to ______.
a. share the benefits of some products with everyone b. prevent everyone from gaining the benefits of some products c. produce products that satisfy everyone d. produce products that satisfy anyone