A trigger strategy is one in which a player
A) cooperates in the current period if the other player cooperated in the previous period, but cheats in the current period only if the other player cheated in the previous period.
B) cheats in the current period if the other player cooperated in the previous period, but cooperates in the current period if the other player cheated in the previous period.
C) cooperates in the current period if the other player has always cooperated, but cheats forever if the other player ever cheats.
D) cheats in the current period if the other player has always cheated, but cooperates forever if the other player has ever cooperated.
C
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We draw the long-run aggregate supply curve as a vertical line to reflect the fact that
A) changes in the price level do not alter the level of long-run real GDP after full adjustment has occurred. B) an accurate depiction of the production possibilities curve is vertical after full adjustment has occurred. C) technology and resource endowments do not affect long-run real GDP after full adjustment has occurred. D) the productive capacity of the economy never changes after full adjustment has occurred.
In the short run,
a. new firms may enter a market, but existing firms cannot exit. b. firms may exit a market, but new firms may not enter. c. firms may enter or exit a market. d. firms may neither enter nor exit a market.
If the dotted horizontal line represents the effect of a usury law, then there is a ____ of loanable funds of ___ billion dollars.
A. shortage; 100
B. surplus; 100
C. shortage; 150
D. surplus; 150
Suppose that in a month the price of movie rentals decreases from $3.25 to $3. At the same time, the quantity of movie rentals demanded increases from 100 to 120. The price elasticity of demand for movie rentals (calculated using the midpoint formula) is:
A. zero. B. inelastic. C. unit elastic. D. elastic.