When colluding oligopolists meet and formally agree on mutually beneficial strategies this is called
a. implicit exclusion
b. beneficial inclusion
c. reciprocal inclusion
d. implicit exclusionary pricing
e. explicit collusion
E
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The payoff matrix below shows the payoffs (in millions of dollars) for two firms, A and B, for two different strategies, investing in new capital or not investing in new capital. 
This game is an example of a:
A. credible promise. B. cartel. C. game with multiple equilibria. D. prisoner's dilemma.
When quantity supplied is NOT very responsive to a change in price, supply is
A) elastic. B) unit-elastic. C) inelastic. D) income sensitive.
In a two-player simultaneous game where neither player has a dominant strategy,
A) there is never a Nash equilibrium. B) there is only one Nash equilibrium. C) the actual outcome is unpredictable. D) the actual outcome will not be a Nash equilibrium.
________ states that under certain conditions, private parties can arrive at an efficient solution without government involvement.
A. The Tiebout hypothesis B. The free-rider hypothesis C. The Coase theorem D. The impossibility theorem