In ____ 2-person, nonzero-sum games there is no communication between the participants and no way to enforce agreements
a. noncooperative
b. cooperative
c. a and b
d. none of the above
a
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The tragedy of the commons is the absence of incentives to
A) correctly measure the marginal social benefit from a common resource. B) prevent under use of the common resource. C) prevent overuse and depletion of a common resource. D) discover the common resource.
Social Security is an example of
A) a progressive income tax. B) a subsidized service. C) an income maintenance program. D) an unemployment benefit.
Supply is said to be ____ when the quantity supplied is not very responsive to changes in price
a. independent b. inelastic c. unit elastic d. elastic
The demand curve for a good connects points describing how much consumers
a. actually bought at different prices during a particular period. b. actually bought at different prices in different periods. c. would have been willing and able to buy at different prices during a particular period. d. would have been willing and able to buy at different prices in different periods.