Describe the two basic strategies of unions in increasing wage rates for their members.
What will be an ideal response?
Increasing demand or decreasing supply of workers would increase the wages for members of a union. Featherbedding, licensing requirements, long apprenticeships are among some of the tactics to accomplish this.
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The principle that states that we should strive to achieve the greatest happiness for the greatest number is called
A) the big tradeoff. B) the symmetry principle. C) utilitarianism. D) efficiency.
Explain why OPEC is caught in a prisoner's dilemma?
What will be an ideal response?
Games that don't have a dominant strategy:
A. do not have stable equilibrium outcomes. B. may have stable equilibrium outcomes. C. always have stable equilibrium outcomes. D. don't exist; all games have at least one dominant strategy.
In the cartel model
a. firms believe that price increases result in a very elastic demand, while price decreases result in an inelastic demand for their products. b. each firm acts as a price taker. c. one dominant firm takes the reactions of all other firms into account in its output and pricing decisions. d. firms coordinate their decisions to act as a multiplant monopoly.