Cooperation that continues as long as the players continue to cooperate is
A. opportunistic behavior.
B. a negative-sum game.
C. tit-for-tat strategic behavior.
D. a zero-sum game.
Answer: C
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If a monopoly firm sells to competitive distributors and the distributors have a constant marginal cost of $3 and they are charging the profit-maximizing retail price of $9, what is wholesale price of the product?
A) $3 B) $6 C) $12 D) $9
Suppose that the long-run industry supply in the production of synthetic fabrics is perfectly elastic. Which of the following statements is then true?
a. The marginal cost curve of each synthetic-producing firm is horizontal. b. The existence of profit within the industry will not draw new firms into the market. c. The long-run industry supply for synthetics is horizontal. d. The long-run industry supply for synthetics is upward sloping.
Joan has the following assets and liabilities:Credit card balance$1,000Cash$200Government bonds$3,000Stock$4,000Checking$1,500Car loan balance$10,000Car$15,000 Which of the following actions would decrease Joan's money demand by $200?
A. Joan writes a $200 check for cash and holds the cash. B. Joan gets a $200 cash advance on her credit card and puts the proceeds in her checking account. C. Joan sells $200 worth of stocks and puts the proceeds in her checking account. D. Joan writes a check for $200 to purchase additional shares of stock.
Market failures include all of the following EXCEPT
A. buyers pay for all the costs involved in the production of goods and services. B. negative externalities. C. positive externalities. D. public goods.