A game in which players as a group gain at the end of the game is referred to as
A) zero-sum game.
B) negative-sum game.
C) positive-sum game.
D) tit-for-tat game.
C
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A potential problem with cross-section cost data is that
A. at least one input is fixed over time. B. different firms face different input prices. C. nominal cost data include the effect of inflation. D. both a and b E. none of the above
Stocks appear to present risk, yet many people have substantial parts of their wealth invested in them. This behavior could be explained by:
A. investing in stocks over the long run is not as risky as short-term holdings of stocks B. people are not very risk-averse and do not require a risk premium for stocks. C. people are not efficient users of information. D. people are irrational in their investment behavior, only focusing on positive outcomes.