The players of prisoner's dilemma-type games:
A. would be much better off if they could cooperate.
B. have an incentive to never cooperate.
C. have a dominant strategy to never cooperate.
D. All of these statements are true.
D. All of these statements are true.
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The United States truly became a mass consumption society in
A. the early 1900s. B. the 1920s. C. the 1940s. D. the 1960s.
There are only two people in the world (Adam and Eve) and only one good (apples). Adam has four apples and a total utility in money terms from apple consumption of $16; Eve has four apples and a total utility from apple consumption of $20. Which of the following statements must be true?
A. Eve’s marginal utility from consuming her fourth apple must be greater than Adam’s marginal utility from consuming his fourth apple. B. The total utility of society will rise if Adam gives Eve one apple. C. If Adam and Eve each always has a positive marginal utility from consuming apples, the total utility of society can only be increased by an increase in the total number of apples available for consumption. D. Adam’s average utility from consuming apples is greater than Eve’s average utility from consuming apples.
A trade-off occurs when some quantity of production or consumption of a good or service is given up in order to produce or consume another good or service.
a. true b. false
In a cartel, firms jointly act as
A. a perfectly competitive firm. B. a monopolistic competitive firm. C. a monopoly firm. D. an oligopolistic firm.