Shift to the left or right for supply:business deploys more efficient tech

The prisoners' dilemma is used to illustrate the basic idea that

a. oligopolistic firms would be better off if they collude, but each has an incentive to cheat on the collusive agreement. b. oligopolistic firms are always worse off when they collude. c. oligopolistic firms never have an incentive to cheat on collusive agreements, unlike prisoners. d. students who cheat on economics exams end up in jail.

The possibility that the economy may benefit from having market power, rather than being very competitive, is closely identified with which famous economist?

A) Arnold Harberger B) Joseph Schumpeter C) Sergey Brin D) Donald Turner