Which of the following statements is false?
A) Government can remove individuals from a prisoner's dilemma setting and make both participants better off.
B) Government can define and enforce the property rights that individuals actually want defined and enforced.
C) Individuals in a prisoner's dilemma setting may want to get out of the prisoner's dilemma setting.
D) none of the above
D
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Redbox rents DVDs. Other things constant, which of the following would likely increase the demand for their DVDs?
A) A rise in the cost of going to the movies B) A fall in the price of DVD players C) A fall in the price of Redbox DVD movie rentals D) Both A and B
Demand and supply in the wheat market are given by:
QD = 2000 - 1000 P and QS = -500 + 1000 P where Q is millions of bushels and P is price per bushel. a. Find the equilibrium price and quantity. b. Suppose that the government wishes to support farm income and thus sets a price floor of $1.50/bushel. Find the size of the farm surplus. c. What is the cost of this program to the government?