In a prisoners' dilemma game, which of the following strategies gives the best outcome for both prisoners?
A) Both deny (collusion).
B) Both confess (not collude).
C) One confesses while the other denies.
D) none of the above
A
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Refer to Scenario 9.1. If Sheb places ________ sheep on the commons, Monty is better off placing ________ on the commons
A) 4; 4 B) 5; 5 C) 5; 4 D) Both A and C are correct.
The "infant industry argument" recommends protectionism for industries that produce children's clothing
a. True b. False Indicate whether the statement is true or false
What exists when the consequences of the actions of one person spill over to another person?
a. externality b. signal c. free ride d. moral hazard
Producer surplus is the
A. area above the supply curve but below the market price of the good. B. maximum amount a producer can collect from consumers. C. area above the supply curve but below the demand curve. D. minimum amount required by a producer for producing the good.