The prisoner's dilemma is a theoretical tool with little in the way of practical applications.
Answer the following statement true (T) or false (F)
False
The prisoner's dilemma is useful in many real-world situations.
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The opportunity cost of money is
A) zero. B) the inflation rate. C) the real interest rate. D) the nominal interest rate.
A perfectly competitive firm breaks even at the level of output where
A) P > ATC B) P < ATC C) P = ATC D) P = MC
Refer to the diagram. A decrease in quantity demanded is depicted by a:
A. move from point x to point y.
B. shift from D 1 to D 2 .
C. shift from D 2 to D 1 .
D. move from point y to point x.
At one time many economists were suspicious of brand names. They saw them as a barrier to entry with no benefits to consumers. In the 1970s economists began to see a possible benefit of brand names to consumers. They discovered that brand names were a way to:
A. overcome negative externalities. B. signal quality. C. overcome the free rider effect. D. market public goods.