Cartels tend not to be long-lived because of ?the Prisoner's Dilemma.
Answer the following statement true (T) or false (F)
True
Rationale: The Prisoner's Dilemma gives them incentives to cheat.
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Which of the following is a characteristic of a perfectly competitive market? a. Homogeneous products
b. Barriers to entry. c. Substantial expenditures on advertising. d. All of the above.
Usually, increased government spending for war increases inflationary pressures. The principal reason that inflation occurred during the Vietnam War and not during World War II was the existence, during World War II, of
A. full employment. B. government ownership of factories. C. full production. D. wage and price controls. E. high levels of patriotism.
(Consider This) At fast-food restaurants:
A. consumers enjoy complete and accurate information. B. decisions are usually made by trial and error. C. decisions entail comparisons of marginal costs and marginal benefits. D. benefits always exceed costs.
When producers would have been willing to accept lower prices at various quantities produced than the market clearing price, the differences are called
A) producer surplus. B) monopoly profits. C) opportunity cost. D) consumer surplus.