The prisoner's dilemma game can be used to describe
A. the game Rock Paper Scissors
B. why candidates in elections go negative.
C. how individuals acting in their self-interest leads to the best outcome overall.
D. a zero sum game.
B. why candidates in elections go negative.
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Average tariff rates are highest for
A) high-income countries. B) middle-income countries. C) low-income countries. D) industrialized countries.
Which of the following conditions would prevent price discrimination?
a. the ability to identify customers who are willing to pay more b. the ability to prevent low-price customers from reselling to high-price customers c. perfect competition d. a monopoly market structure e. profit maximization
Refer to the following graph.
Suppose this graph represents the market for cheese. In order to keep the price of cheese at Pf, government must:
A. prevent the excess supply from reaching the market. B. devise a mechanism to ration cheese to consumers. C. cause the demand for cheese to decrease. D. cause the supply of cheese to increase.
Which of the following statements is not true?
A. Trade is beneficial because it allows all domestic industries to increase production. B. Trade is beneficial because it allows consumption beyond the production possibility frontier. C. Trade is beneficial because it allows more efficient production. D. Trade is beneficial because it allows consumers to buy goods at cheaper prices.