In game theory, behavior that results in cooperation as long as the other players continue to cooperate, is referred to as
A) nice behavior.
B) tit-for-tat strategic behavior.
C) simple behavior.
D) opportunistic behavior.
B
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Economic models are often based on assumptions because they:
A) help simplify complex real-world phenomena. B) help explain the past. C) help test models even when relevant data are unavailable. D) help predict the future with higher accuracy. A model is based on an assumption that an additional year of education increases a student's future wage by 20%.
If P rose by 20% and Q stayed the same, what would happen to MV?
What will be an ideal response?
Suppose a hurricane hits Alabama, causing widespread damage to houses and businesses. The governor of Alabama places price ceilings on all building materials to keep the prices reasonable. Which of the following is the most likely result?
A. A faster recovery from the storm. B. The supply of building materials to Alabama will increase. C. More people will be able to purchase building materials. D. Shortages of building materials and a slower recovery from the storm.
The demand for microwaves in a certain country is given by: D = 8,000 -30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, how many microwaves will be imported or exported?
A. 3,000 exported B. 1,000 imported C. 2,000 exported D. 2,000 imported