In the prisoners' dilemma game with Bonnie and Clyde as the players, the likely outcome is one
a. in which neither Bonnie nor Clyde confesses.
b. in which both Bonnie and Clyde confess.
c. that involves neither Bonnie nor Clyde pursuing a dominant strategy.
d. that is ideal in terms of Bonnie's self-interest and in terms of Clyde's self-interest.
b
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How can a sole proprietorship raise funds needed for firm expansion?
What will be an ideal response?
Which market structure(s) is(are) imperfectly competitive?
Table 1.3 shows the hypothetical trade-off between different combinations of brushes and combs that might be produced in a year with the limited capacity for Country X, ceteris paribus.Table 1.3Production Possibilities for Brushes and CombsCombinationNumber of combsOpportunity Cost(Foregone brushes)Number of brushesOpportunity Cost (Foregone combs)J4 0NAK3 10 L2 17 M1 21 N0NA23 On the basis of Table 1.3, in the production range of 2 to 3 combs the opportunity cost of producing 1 more comb in terms of brushes is
A. 0.67. B. 7.0. C. 3.33. D. 0.14.
Refer to the information provided in Figure 20.5 below to answer the question(s) that follow.
Figure 20.5Refer to Figure 20.5. The domestic price of oil is $130 per barrel, and the world price of oil is $120 per barrel. If the domestic government imposes a tariff of $10 per barrel, it will
A. import 5 million barrels. B. export 5 million barrels. C. export 7 million barrels. D. import zero barrels.