Which is NOT an example of signaling high quality in a social setting
a. wearing a business suit on a job interview
b. leaving a big tip for the waiter after a dinner date
c. offering an expensive engagement ring to your bride
d. Doing messy chores before a big date
c
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In monopolistic competition, the entry of new firms
A) shifts existing firms' demand curves rightward. B) shifts existing firms' demand curves leftward. C) only results in a movement along the existing firms' demand curves. D) has no effect on the existing firms' demand curves. E) shifts existing firms' supply curves rightward.
If an employer calls an applicant's prior employer to inquire about their work ethic, this is an example of ________.
A) the principal-agent problem B) screening C) self-revelation D) certification
If one player defects in a repeated game, and his opponent is following a tit-for-tat strategy, we can predict the opponent will:
A. defect in the next round. B. renegotiate. C. cooperate and try to get his opponent to follow. D. collude.
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. If Jerry decides to specialize in building fences, what are the limits to his terms of trade?
A. Jerry will accept no less than 7 dishes for each fence. B. Jerry will accept no less than 2 dishes for each fence. C. Jerry will accept no less than 7 fences for each dishes. D. Jerry will accept no less than 2 fences for each dishes.