In the prisoner's dilemma game:
A. a stable outcome is impossible.
B. only one player has a dominant strategy.
C. a stable outcome is possible.
D. a commitment strategy is needed to reach a stable outcome.
C. a stable outcome is possible.
You might also like to view...
For a monopoly, marginal revenue for all units greater than 1 is always:
A. more than price because of the quantity effect. B. more than price because of the price effect. C. less than price because of the quantity effect. D. less than price because of the price effect.
A good or service that is rival but nonexcludable is called a ________, and a good or service that is nonrival but excludable is called a ________.
A. public good; collective good B. commons good; public good C. commons good; collective good D. public good; private good
Assuming a 5 percent rate of interest, the present value of a business that generates an annual income of $20,000 is worth
a. $1,000 b. $20,000 c. $400,000 d. $80,000 e. $100,000
The short-run equilibrium of the firm under monopolistic competition has excess capacity.
Answer the following statement true (T) or false (F)