"Tit-for-tat" is
A) a form of prisoner's dilemma.
B) the process in which games find equilibrium.
C) a way to enforce a cooperative game.
D) a child's game.
C
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Which of the following is an advantage of having centralized ownership and responsibility for capital goods?
a. It allows firms to avoid the depreciation cost of capital equipment. b. It increases the capital per worker ratio. c. It spreads the investment risk associated with acquisition of capital goods. d. It resolves the problem of continuity.
Imagine winning a radio trivia contest and being given the choice of three packages. Each package has two prizes. One package has a cellular phone and a beeper; one package has a cellular phone and a coupon for unlimited calls for a year; and one
package has a cell phone and a compact disc player. Unfortunately, the labels on the packages only give you the following information: the goods in Package A have a cross elasticity of 0.63, the goods in Package B have a cross elasticity of 0.00 . and the goods in Package C have a cross elasticity of –0.84. a . Which package will you choose if you want the cellular phone and the coupon for unlimited calls? Explain your answer b. Which package will you choose if you want the cellular phone and the beeper? Explain your answer.