The prisoner's dilemma is a game of strategy:
A. in which people make rational choices that lead to the ideal result for all.
B. that leads everyone to be as well off as possible without making another worse off.
C. in which people make rational choices that lead to a less-than-ideal result for all.
D. that leads people to make irrational choices that lead to the ideal result for all.
Answer: C
Economics
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The minimum wage, if it is binding, lowers the incomes of
a. no workers. b. only those workers who become unemployed. c. only those workers who have jobs. d. all workers.
Economics
Refer to the data. At 6 units of output, total fixed cost is ____ and total cost is ____.
A. $25; $50
B. $50; $300
C. $100; $200
D. $150; $300
Economics