Dominant strategies are often difficult to take because a better alternative could exist
Indicate whether the statement is true or false
False
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What is the dominant strategy in the prisoner's dilemma?
A) There is no dominant strategy. B) Each prisoner confesses because this is the rational action to pursue. C) Do nothing in the hope that the other prisoner will also do nothing. D) Do not confess because the other prisoner will most likely confess.
A supply restriction that restricts the amount of a good that can be imported is a(n)
A) price floor. B) price ceiling. C) black market. D) import quota.
When the price of a good decreases,
A) supply increases. B) supply decreases. C) quantity supplied increases. D) quantity supplied decreases.
Answer the following statement(s) true (T) or false (F)
1. Supply refers to how much of a product or service is available for purchase at a given time. 2. The law of demand states that as the price for an item or service increases, so will the supply and that if the price is lower, the supply will also be less. 3. Mae bakes 100 cinnamon rolls each day to sell at her café, and each day she sells out before breakfast is over. Many of her customers ask for, but don't get one. Her customers ask that she bake more cinnamon rolls each day. This is an example of a shortage. 4. Holding all other factors constant, prices are set slightly above the point where supply equals demand. 5. The price at which supply of an item or service equals the demand for that item is known as the market price.