In the nonstrategic view of bargaining
a. Insights are drawn from how many similar games are played without specifying the strategies
b. We use the fact that bargaining often results in a fifty-fifty split
c. The bargain is affected by the parties' disagreement values
d. All of the above
d
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One reason that it might be difficult for a player to determine his best strategy is that
A) he might have limited ability to calculate the possible outcomes. B) he is irrational. C) there is no pure strategy. D) there are multiple Nash equilibria.
The above table shows marginal costs and marginal benefits of clean air in a particular industrial area. In the table, when the quantity of clean air is at 75 percent
A) the quantity of polluted air is 75 percent. B) the marginal benefit of clean air exceeds the marginal cost. C) the marginal benefit of clean air is less than the marginal cost. D) the quantity of clean air is optimal.
An example of a negative externality is:
A. the traffic created by a city hosting a popular event. B. smell of a pizza shop making pizza. C. people getting flu shots during flu season. D. All of these are examples of negative externalities.
The major economic problem is to:
a. provide for full employment. b. eliminate scarcity. c. increase the standard of living. d. allocate limited resources among unlimited uses. e. increase leisure.