One way to ensure cooperation in an infinitely repeated simultaneous game is
A) to always play the dominant strategy.
B) to punish the player that reneges on agreements.
C) to never punish any player.
D) to always punish all players.
B
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If the marginal rate of technical substitution of labor for capital (MRTSLK) exceeds the relative price of labor in terms of capital (PL/PK), then
a. the firm's long-run average cost curve is rising. b. the firm is producing its output at the least possible cost, but the firm should reduce its output level to increase its profits. c. the firm has increased its output level beyond the point of diminishing marginal returns. d. the firm needs to use less capital and more labor to reach its expansion path.
The opportunity cost of the U.S. producing tea or coffee is measured by the value of the foregone production alternative—manufacturing or staples
Indicate whether the statement is true or false
A limit on the quantity of a good that may be imported in a given time period is
A. An import allocation. B. A tariff. C. A comparative advantage. D. An import quota.
Which of the following would move the labor supply curve from S 1 to S 2 ?
a. Many workers of the younger generation sought flexibility and a shorter work week.
b. The factory was located in a crime-ridden part of town with limited access via public
transit.
c. The state’s mild climate and low taxes caused many people to relocate there.
d. Workers in the baby boom generation began cutting back their hours and preparing
to retire.