In the prisoner's dilemma game:
A. there is a dominant strategy for a player depending on what the other player does.
B. there is a dominant strategy for only one player.
C. there is a dominant strategy for both players.
D. there is no dominant strategy for either player.
Answer: C
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The Friedman-Savage utility function can explain why
A) people buy automobile insurance. B) somebody becomes addicted to gambling. C) people become more risk averse as their wealth increases. D) people place small bets to have a chance at winning a large amount.
Which of the following is likely to occur when there is a substantial increase in the market demand for coffee? a. The wages of workers employed in coffee plantations will fall
b. The price of 10-gram coffee sachets will decrease. c. The demand curve for coffee plantation workers will shift to the right. d. The demand curve for coffee plantation workers will become horizontal.