In the prisoner's dilemma game:
A. there is a dominant strategy for both players.
B. there is a dominant strategy for only one player.
C. there is no dominant strategy for either player.
D. there is a dominant strategy for a player depending on what the other player does.
A. there is a dominant strategy for both players.
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"Price fixing" is always illegal
Indicate whether the statement is true or false
Suppose in a certain city the demand for low-cost housing can be characterized by the equation P = 500 - 2Q, where Q is housing measured in square feet. Further, suppose that supply is characterized by the equation: P = 25 + 3Q.
(A) How much consumer surplus is there? (B) Suppose that a grant is given so that the supply of housing is increased. This increase changes the supply curve to P = 3Q. How much does consumer surplus change because of the grant?
People who oppose government intervention to reduce income inequality have sometimes argued that allowing large income gaps can be beneficial because
A. large income gaps increase the incentive to support a market-based economy. B. people with large incomes will feel guiltier about their financial advantages and be motivated to give more to the poor. C. it increases the incentive to work harder to be successful, thereby increasing economic growth. D. the poor will have a shorter life expectancy, leaving more wealth for the successful few.