The prisoners' dilemma is an important game to study because
a. most games present zero-sum alternatives.
b. it identifies the fundamental difficulty in maintaining cooperative agreements.
c. strategic decisions faced by prisoners are identical to those faced by firms engaged in competitive agreements.
d. all interactions among firms are represented by this game.
b
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A decrease in a fixed exchange rate from $1.75 per pound to $1.60 per pound is called a(n) ________ of the pound
A) devaluation B) depreciation C) revaluation D) appreciation
Graphically, the optimum choice of a consumer is determined at: a. the point of intersection of the lowest indifference curve and the budget constraint. b. the point of intersection of the budget line and the vertical axis
c. the point where the highest indifference curve is tangent to the budget constraint. d. the point of intersection of the budget line and the horizontal axis.