When the prisoners' dilemma game is generalized to describe situations other than those that literally involve two prisoners, we see that cooperation between the players of the game
a. can be difficult to maintain, but only when cooperation would make at least one of the players of the game worse off.
b. can be difficult to maintain, even when cooperation would make both players of the game better off.
c. always works to the benefit of society as a whole.
d. always works to the detriment of society as a whole.
b
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The U.S. government restricts the production of peanuts by limiting production licenses. By also prohibiting imports, the government maintains prices well above levels peanut farmers would obtain if supply were not restricted. This program has the same effect as a
A. price ceiling. B. price floor. C. opportunity cost. D. shortage. E. efficiency move.
Listed in the above table are the market shares for the firms in two different industries. Each industry has only eleven firms. Find the four-firm concentration ratio and the Herfindahl-Hirschman Index for each industry
What will be an ideal response?
Present value is
A) the value of a future amount expressed in today's dollars. B) the value of a dollar received a year from now, expressed in terms of its future value. C) the inverse of the interest rate. D) the nominal value instead of the real value of something.
What incentive is created by a first-come first-serve allocation scheme?
A) To engage in rent-seeking. B) To have the most income. C) To be first. D) To be elected.