The prisoners' dilemma is used to illustrate the basic idea that
a. oligopolistic firms would be better off if they collude, but each has an incentive to cheat on the collusive agreement.
b. oligopolistic firms are always worse off when they collude.
c. oligopolistic firms never have an incentive to cheat on collusive agreements, unlike prisoners.
d. students who cheat on economics exams end up in jail.
A
Economics
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In monopolistic competition, in the long run firms have
A) a capacity shortage. B) excess capacity. C) an economic profit. D) an economic loss.
Economics
If global prices are lower than domestic prices, the short-run Phillips curve is likely to be horizontal.
Answer the following statement true (T) or false (F)
Economics