The players in a game theory situation often do not act in their joint interest because of which of the following?
A) They do not realize the benefit of cooperation.
B) Players strive to minimize their opponents' profits.
C) Players do not understand the game and its payoffs.
D) It is not in each player's self-interest to cooperate.
E) Players understand the game but they do not know which action(s) will benefit their joint interest.
D
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Which of the following is likely to happen if the government decides to impose a tariff?
A) Domestic consumers will be better off. B) The revenue earned by the government will decrease. C) Domestic producers will face higher foreign competition. D) The domestic industry will earn higher profits.
Economic theory assumes elected and appointed government officials
A) place their personal or private welfare ahead of the public interest. B) place the public interest ahead of any personal or private interests of their own. C) are free to pursue the public interest because they aren't constrained by competition. D) respond to the anticipated costs and benefits to themselves of decisions contemplated.