A prisoner's dilemma problem can be solved by _____
a. the parties are kept from communicating with each other.
b. a third party enforced their cooperation
c. the parties were not guilty of the crime
d. giving the parties sufficient time to arrive at the social beneficial decision
b
You might also like to view...
Explain how studying for an exam is subject to the law of diminishing marginal productivity
A. The more and more time you devote to studying, the amount of time you have to devote to other things diminishes at the margin. This is true for any activity. That is, all activities are subject to diminishing marginal productivity. B. Assuming you organize your studying reasonably, you will focus on the parts of the text that are most likely to show up on the exam and most likely to raise your grade. As you study less relevant material, your additional time spent studying will yield fewer additional points on the exam. At some point, additional studying can have a negative return. C. The law of diminishing marginal productivity implies that the optimal amount of studying is however many hours will lead to your highest possible score. After this point, your performance falls and you should not study any more. D. The law of diminishing marginal productivity pertains to studying in a group only. If you study with one or two people, your grade will likely improve because they can teach you information you don't know. However, at some point, as you add another person, the grades for everyone decline. References
A decision made by a rational person
A) is intended to make the person worse off. B) would always make the person wealthier. C) is identical to a decision that would be made by any other person facing the same choices. D) is intended to make the person better off.
The purchase of foreign shares and bonds by an Australian brokerage firm is an example of capital inflows to Australia.
Indicate whether the statement is true or false.
In a perfectly competitive market, one farmer's barley is
A) completely different from another farmer's barley. B) a perfect substitute for another farmer's barley. C) a monopolized product in that farmer's local market. D) a monopolized product in the national market. E) slightly different from another farmer's barley.