The best strategy for each player if this game is repeated is: A: CheatA: CollaborateB: CheatA: 1, B: ?1A: ?1, B: 1B: CollaborateA: ?1, B: 1A: 1, B: ?1
A. his or her dominant strategy.
B. to cheat.
C. to collaborate.
D. a mixed strategy.
Answer: D
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Consider the following:
(i) When does the potential Pareto criterion reject a policy option? (ii) Explain why any policy that creates a deadweight loss will be rejected by the potential Pareto criterion. (iii) Would the competitive market outcome be rejected by the potential Pareto criterion? Why or why not?
At the beginning of the year, Becky's wealth was $30,000. During the year, she earned $50,000 of income, paid $6,000 in taxes and consumed $43,000 of goods and services. What is Becky's wealth at the end of the year?
What will be an ideal response?
Capital saving nonneutral technical progress allows a firm to
A) produce more output with the same inputs. B) use less capital and the same amount of other inputs to produce the same level of output. C) use more capital to produce the same level of output. D) use less capital and more of other inputs to produce the same level of output.
If your taxable income was $40,000 and you paid $3,000 in federal income tax, what was your average tax rate?
Fill in the blank(s) with the appropriate word(s).