Olive Oil Spain is the world's number 1 producer of olive oil, mostly in the southern Andalusia region. But very dry weather there has ravaged olive trees. What affect will the poor weather have on the olive oil market?
Olive trees will not produce as large of a harvest due to the poor weather. This represents supply shift to the left and a movement up the demand curve. Prices rise and quantity falls.
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The prisoners' dilemma is a game in which
A) the dominant strategy for all participants is to choose a strategy that makes them all worse off. B) the dominant strategy is to cooperate. C) only one of the firms is able to make above-normal profits. D) each firm, in making decisions on the basis of its own self-interest, also makes decisions that benefit the group as a whole.
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Please provide the best answer for the statement.
A situation in which the usefulness of a product increases with the number of consumers who use it
What will be an ideal response?