Shirking of one's duties is often encountered in team production settings because
a. few individuals are well-intentioned
b. teamwork is recognized as less significant than individual performance
c. teammates face a dilemma posed by a dominant strategy to shirk
d. reputation effects dominate in long-term teams
e. teamwork can be less than the sum of the individual parts
c
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The "principle of rival consumption" applies to which of the following?
A) national defense B) the free-rider problem C) the exclusion principle D) a private good
Answer the following statement true (T) or false (F)
1) The larger the number of firms and the less the degree of product differentiation, the greater will be the elasticity of a monopolistically competitive seller's demand curve. 2) The economic profits earned by monopolistically competitive sellers are zero in the long run. 3) The excess capacity problem associated with monopolistic competition implies that fewer firms could produce the same industry output at a lower total cost. 4) The demand curve of a monopolistically competitive firm is more elastic than that of a pure monopolist.