In a prisoner's dilemma game, each person will pick
A) their best outcome given what the other person will do.
B) their best outcome.
C) their worse outcome.
D) their best outcome after consulting with the other person.
A
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When there are economies of scale,
a. per-unit costs increase as output increases b. per-unit costs decrease as output increases c. per-unit costs are constant as output increases d. output does not affect per-unit costs
If the current price of pizzas is above the equilibrium price of pizzas then
A. buyers of pizzas have an incentive to buy more. B. sellers of pizzas have an incentive to decrease the price. C. buyers of pizzas have an incentive to buy less. D. sellers of pizzas have an incentive to increase the price.
In a market, buyers want to pay the ________ possible price and sellers want to charge the ________ possible price.
A. highest, highest B. highest, lowest C. lowest, lowest D. lowest, highest
One problem with constructing a perfectly complete realistic economic model is that
A. it would not serve the needs of economists who builds that model. B. it would be too simplistic to have any value. C. it would be far too complicated to analyze. D. None of these is true.