In a two-person repeated game, a tit-for-tat strategy starts with
a. cooperation and then each player mimics the other player's last move.
b. cooperation and then each player is unresponsive to the strategic moves of the other player.
c. noncooperation and then each player pursues his or her own self-interest.
d. noncooperation and then each player cooperates when the other player demonstrates a desire for the cooperative solution.
a
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For a firm to maximize total profits through price discrimination, it should
a. charge a low price to high-value consumers and a high price to low-value consumers b. charge a high price to high-value consumers and a high price to low-value consumers c. charge a low price to high-value consumers and a low price to low-value consumers d. charge a high price to high-value consumers and a low price to low-value consumers
When a low-income nation improves its institutions, so that growth results, one reason the growth may be more rapid than would result from a similar improvement in a developed nation that brings the same amount of added capital per worker to each nation, is that
a. adding capital has constant returns to scale, rather than diminishing returns, in each nation. b. with diminishing returns to scale, and with richer nations starting with more capital per unit labor, the added capital produces smaller increments to production in the higher-income nations. c. wage rates are lower in the low-income nation, and lower-income workers are more productive. d. capital is always more productive in lower-income nations.