In the prisoner's dilemma game:
A. a stable outcome is impossible.
B. a cooperative strategy can lead to a more beneficial outcome for both players.
C. neither player has a dominant strategy.
D. a noncooperative strategy will lead to a positive-positive outcome.
Answer: B
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The costs affecting decisions to supply goods and services are always
A) average costs. B) costs not yet incurred. C) sunk costs. D) total costs. E) unavoidable costs.
When a country imposes an import quota, its
a. imports fall and its net exports rise. b. imports fall and its net exports are unchanged. c. imports rise and its net exports are unchanged. d. imports and exports are unchanged.
Inflation inertia is the tendency for inflation to:
A. change relatively slowly from year to year. B. decrease when the Fed increases interest rates. C. increase when the Fed decreases interest rates. D. equal zero.
The marginal revenue product schedule is:
A. the same whether the firm is selling in a purely competitive or imperfectly competitive market. B. the firm's resource demand schedule. C. the firm's resource supply schedule. D. upsloping.