Tom and Billy are playing a game. They both toss a coin simultaneously. If both are heads or tails, Tom wins. If the results of the tosses are different, Billy wins. This is an example of a(n) ________
A) prisoners' dilemma
B) variable-sum game
C) zero-sum game
D) extensive-form game
C
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The difference between what consumers have to pay for a particular and what they are willing to pay is known as
A) consumer surplus. B) producer surplus. C) deadweight costs. D) deadweight surplus.
Production indifference curves bow inward toward the graph’s origin because of
A. the law of diminishing returns to a single input. B. the law of diminishing marginal returns to scale. C. constant returns to scale. D. minimizing costs in the short run.
When there are credit-market imperfections, an increase in government debt may be advantageous because it
A) discourages credit-constrained consumers from borrowing too much. B) allows credit-constrained consumers to consume more. C) eliminates the problems that cause credit-market imperfections. D) encourages more private saving.
Low-wage manufacturing industries exhibit which of the following?
(a) Low output per worker (b) Added value that rises above labor's share of total employment (c) Highly educated and skilled workers (d) All of the above