In standard game theory, cheap talk:
A. changes the payoffs.
B. benefits only trustworthy people.
C. doesn't affect the outcome of the game.
D. will fool all the players into cooperating.
Answer: C
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $4 per hour, how many hours do students work?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct.
"The market has failed to provide enough rental housing in New York City. This demonstrates another failure of free markets-they may lead to shortages of necessities." Explain why you agree or disagree
Which of the following will most likely increase long-run aggregate supply?
a. an increase in the rate of investment b. an increase in resource prices c. an increase in the minimum wage d. an increase in the expected inflation rate
The 1994 agreement that eliminated most tariffs among the United States, Canada, and Mexico is known as
A) the Pacific Trade Association. B) Trade Without Borders. C) NAFTA. D) the Western Trade Union.