The primary difference between cooperative and noncooperative games is the ability to form contracts
a. True
b. False
Indicate whether the statement is true or false
True
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In the long run, under conditions of perfect competition, the buyer will eventually be able to buy the product at a
a. price equal to the lowest point on the ATC curve past the optimal scale of operation. b. price below cost. c. price equal to the lowest point on the ATC curve at the optimal scale of operation d. discount.
Individuals have a tradeoff between leisure and work. When income from working is taxed, the cost of leisure is reduced in relative terms
a. True b. False Indicate whether the statement is true or false
It is imperative that banks maintain a reputation for safety in order that
a. regulators can reduce their efforts. b. bank runs can be reduced or prevented. c. customers will not be afraid to ask for loans. d. stockholders can earn a high rate of return.
Building a good reputation in the marketplace:
A. is not a significant value to a seller. B. is easy to fake. C. can take a long time to establish. D. All of these statements are true.