Cooperation is ________ likely in a repeated game because it ________ possible for players to punish each other for cheating.
A) more likely; is not
B) less; is
C) more; is
D) less; is not
C) more; is
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If the quantity demanded for labor is more than the quantity supplied, there will be unemployment
a. True b. False Indicate whether the statement is true or false
An increase in productivity in the agricultural sector in conjunction with an income inelastic demand for farm products
A) causes prices to fall. B) causes prices to rise. C) causes prices to remain constant. D) may cause prices to rise, fall, or remain the same, depending upon the relative shifts in the supply and demand curves.
Firm A has a strictly higher marginal cost than firm B. They compete in a homogeneous product Bertrand duopoly. Which of the following results will NOT occur?
A. Revenue of firm A < Revenue of firm B B. ProfitA = 0 < ProfitB C. PriceA < PriceB D. QA < QB
When the government wants to give an exclusive right to one firm to produce a product, it
A) imposes a tariff on imports of the product. B) imposes a quota on imports of the product. C) grants a patent or copyright to an individual or firm. D) uses antitrust laws to keep other firms from entering the market.