Explain the concept of an empty core
An empty core is one where the grand coalition is impossible to hold because one or more parties to the negotiation do not get the required payoff. When the core is empty, the proposals and counterproposals of negotiators to reallocate the payoffs can cycle without ever settling into an unblockable allocation. There is no set of side payments that the group's members can make among themselves that will not leave some coalition with a credible threat to exit.
You might also like to view...
The interest rate the Federal Reserve charges commercial banks to borrow reserves is called the ________ rate.
A. Federal B. Fed funds C. prime D. discount
If you want to vote for the management of the corporation, you should buy
A. common stock. B. bonds. C. preferred stock. D. either common stock or preferred stock.
Monopolistically competitive firms fail to fully realize their economies of scale.
Answer the following statement true (T) or false (F)
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C