It can be rational to play tit-for-tat in a repeated Prisoners' Dilemma game
A) only if the game is played an infinite number of times.
B) if the game is played an infinite number of times, or if it is uncertain how many times it will be played.
C) only if the game is played a finite number of times, and that number is known by all the players in advance.
D) for n-1 of the n periods it will be played, if n is known in advance.
E) at no time; tit-for-tat is an irrational strategy in this situation.
B
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Advertising has no effect on the demand schedule for a good.
Answer the following statement true (T) or false (F)
Figure 7-16
In Figure 7-16, as we move from A to B,
a.
the relative price of machines falls.
b.
total cost falls.
c.
output increases.
d.
labor becomes less productive relative to capital.
Which of the following is true regarding value, transaction costs, and exchange?
a. Middlemen can be viewed as agents who create value by reducing transaction costs and, thereby, facilitating gains from exchange. b. Middlemen fail to create value since they do not expand the supply of physical goods. c. A good or service has a given value regardless of who uses it or how it is used. d. Voluntary exchange reduces value by channeling goods into the hands of people who value them least.
Cigarette companies favored a ban on cigarette advertising
What will be an ideal response?