The dominant strategy in the prisoners' dilemma is for
A) neither player to confess.
B) both players to confess.
C) only the dominant player to confess.
D) the dominant player not to confess.
B
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Someone who wants to rent an urban lot in order to grow vegetables should expect the rental cost to reflect the
A) expenses incurred in developing the lot. B) fact that land is a free gift of nature. C) property taxes paid on the lot. D) value of the lot to other people who would also like to use it.
Consider the market for bicycles. If a dealer cuts prices by 10 percent and sells 20 percent more bikes, then demand for bicycles is:
a. inelastic, and total revenue will increase. b. elastic, and total revenue will increase. c. inelastic, and total revenue will decrease. d. elastic, and total revenue will decrease. e. unit elastic, and total revenue will remain the same.
One person's use of common resources does not reduce the enjoyment other people receive from the resource
a. True b. False Indicate whether the statement is true or false
The monopolist and the perfect competitor are similar in that
A. both operate at the minimum of the ATC curve. B. both have close substitutes. C. both types of markets have no barriers to entry. D. both produce at an output level where MC = MR.