Consider the following payoff matrix facing two criminals. A: ConfessA: Not ConfessB: ConfessA: 20yrs, B: 20yrsA: 50yrs, B: 2yrsB: Not ConfessA: 2yrs, B: 50yrsA: 10yrs, B: 10yrsTheir options are to confess or not to confess. Given this information:
A. A has a dominant strategy but B does not.
B. B has a dominant strategy but A does not.
C. both A and B have dominant strategies.
D. neither A nor B has a dominant strategy.
Answer: C
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A firm maximizes profits by charging a lower price to foreign buyers if
A. it has a greater monopoly power in the foreign market than it has in its home market. B. the buyers in the home country have access to cheaper imports from the rest of the world. C. the foreign demand for its good is more elastic than the domestic demand. D. the size of the foreign market is much larger than the home market.
The answers to an economy's three central economic problems are determined by the interaction of three forces: economic forces, political forces, and social forces.
Answer the following statement true (T) or false (F)