If one-time gains from defection are always less than the discounted present value of an infinite time stream of cooperative payoffs at some given discount rate, the decision-makers have escaped
a. the Folk Theorem
b. the law of large numbers
c. the Prisoner's dilemma
d. the paradox of large numbers
e. the strategy of recusal
c
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When a perfectly competitive firm or a monopolistically competitive firm is making zero economic profit,
a. no firms will want to enter or exit. b. some firms will want to leave. c. some firms will want to enter. d. market demand shifts to the left. e. the price of the output will rise in the long run.
Which of the following is true about the U.S. trade with Ireland post-1990?
a. The U.S. became a net exporter of software to Ireland. b. Output of potato per acre doubled with the introduction of new techniques, making the U.S. a net exporter of potatoes to Ireland. c. The U.S. production set shifted inward and Ireland gained advantage in the production of both software and potatoes. d. Productivity growth in the U.S. software industry was higher despite the cost-shifting innovations witnessed Ireland.