A game in which all the players are better off at the end of the game is a
A) tit-for-tat game.
B) dominant strategy game.
C) positive-sum game.
D) noncooperative game.
C
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The above figure shows the production possibility frontier for an economy. The point or points that are not attainable are
A) points B and C. B) points A, B, and C. C) point E. D) points A, B, C, and D. E) points A and D.
Which of the following arguments could be made as evidence that the market for cage-free eggs is perfectly competitive?
A) As more farmers began selling cage-free eggs, the increase in supply has driven down prices to the point where they just cover the cost of production. B) Sales of cage-free eggs have increased at a rate of 20 percent per year. C) The profits earned by farmers who sell cage-free eggs have continued to grow, despite the increasing number of farmers entering this market. D) The U.S. Department of Agriculture has established standards for the labeling of cage-free eggs.