Collusion is more successful in a game that will continue forever or in a game with an uncertain ending time than in a game with a known ending time
What will be an ideal response?
True. In games with a known final period players will cheat in the final period. This is true because the final period becomes a single period game. By the same reasoning, players will cheat in the period prior to the last period, etc. Thus, when players know the last period, they are more likely to cheat in each period.
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In the above figure, the total cost curve is curve
A) A. B) B. C) C. D) none of the curves in the figure.
Economics is different from other social sciences because it gives special emphasis to the study of ______; it is similar to other social sciences because they are all concerned with the study of _______.
A) unlimited resources; economic systems B) human interactions; limited resources C) opportunity costs; choices D) social behavior; scarcity