A prisoner's dilemma is a game in which:
A. the players' payoffs are smaller when both play their dominant strategy compared to when both play a dominated strategy.
B. neither player has a dominant strategy.
C. the players' payoffs are larger when both play their dominant strategy compared to when both play a dominated strategy.
D. one player has a dominant strategy and the other does not.
Answer: A
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Pigouvian subsidization:
A. involves the use of taxes or fees to remedy negative externalities. B. involves the use of subsidies to remedy negative externalities. C. is a legal principle requiring a party who takes an action that harms others to compensate the affected parties for some or all of their losses. D. requires that victims of an externality pay a tax to the producers of the externality.
Self- reinforcing mechanisms that cause the poor to stay poor are called:
A. social aberrances. B. social networks. C. poverty traps. D. societal traps.
Usury laws are a form of price _____ and rent control is a form of price _____.
A. floor; floor B. ceiling; ceiling C. ceiling; floor D. floor; ceiling
Federal and state governments often seek to raise tax revenue by levying excise or sales taxes on specific products. What economic factors should be considered in determining the products that will raise the most tax revenue? Give examples of products
in your answer. Please provide the best answer for the statement.