In a prisoner's dilemma, the Nash equilibrium occurs where
A) neither person ends up with their best outcome.
B) both end up with their best outcome.
C) only one ends up with his best outcome.
D) the one who goes first ends up with his best outcome.
A
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The wage premium for the average college graduate (vs. the average high school graduate) has gone down significantly in recent years
a. True b. False
If the firms in an industry represented 35%, 25%, 20%, 15%, and 5% of the market's total revenues, respectively, what would be the measure of the Herfindahl-Hirschman Index for this industry?
a. 2,500 b. 3,525 c. 7,725 d. 10,000
The utilitarian case for redistributing income is based on the assumption of
a. collective consensus. b. a notion of fairness engendered by equality. c. diminishing marginal utility. d. rising marginal utility.
In order for product differentiation to take place
A. there must be physical differences among the products. B. there cannot physical differences among the products. C. there may or may not be physical differences among the products.