Identify the correct statement about repeated negotiations from the following
a. Patterns in repeated negotiations can persist over time but are usually region-specific.
b. The payoff from repeated negotiations is higher than that from negotiations which are unlikely to be repeated.
c. Experience can help the parties understand each other's positions when negotiations involve previously unencountered issues.
d. The greater the experience of the buyer the higher the benefits he realizes from a repeated negotiation.
C
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This is a question about "economic" efficiency: Prior to the 1960s, Catholic masses were officially conducted throughout the world only in the Latin language
Since the Vatican II reforms, Catholic masses are now generally conducted in the language spoken and understood by the local parishioners. What can an economist conclude? A) Catholic church authorities didn't like Latin anymore. B) Catholic church authorities once thought the use of Latin was efficient; during Vatican II the authorities in power decided it was inefficient. C) Catholic church parishoners didn't like Latin anymore. D) Nothing, because decisions related to religion are non-economic.
We use indifference curves because
A) households on average do not care. B) they help represent preferences. C) households sometimes make mistakes. D) they formalize the production process.
If an inverse relationship exists between two variables, then:
A. As one variable increases, the other decreases B. As one variable increases, so does the other C. The two variables are close substitutes for each other D. Both variables increase over time
The above figure shows the U.S. market for 1 carat diamonds. The free trade, the price in the United States for diamonds is equal to ________ and with the quota illustrated in the figure, the price in the United States is equal to ________
A) $2,000; $4,000 B) $2,000; $3,000 C) $4,000; $3,000 D) $4,000; $2,000 E) $2,000; $2,000