In the prisoner's dilemma,
a. the prisoners easily collude in order to achieve the best possible payoff for both
b. only one player has a dominant strategy
c. each player has a dominant strategy
d. playing the dominant strategy leads to a better payoff for one prisoner than if the two jointly selected a strategy
e. playing the dominant strategy leads to a better payoff for both prisoners than if the two jointly selected a strategy
C
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The Federal Reserve was created in
A) 1893. B) 1913. C) 1921. D) 1933.
Which one of the following economic activities was NOT generally undertaken in New England in the colonial period?
(a) Fishing (b) Farming (c) Tobacco production (d) Shipbuilding
Which of the following models results in the highest level of output assuming a fixed number of firms with identical costs and a given demand curve?
A) Cournot B) Stackelberg C) Monopoly D) Cartel
According to Alfred Chandler, large vertically integrated firms dominated much of American manufacturing in the early 1900s because
a. U.S. manufacturers sought to emulate the production practices of European manufacturers. b. U.S. tax laws created strong incentives for vertical integration. c. continuous-flow technologies were cost minimizing only when the inflow of inputs and the sale of outputs proceeded without interruption. d. larger firms were better able to fight the establishment of labor unions and collective bargaining arrangements.