The above figure shows Bobby's indifference map for juice and snacks. Also shown are three budget lines resulting from different prices for snacks. Bobby views snacks as a(n)

The Ogallala aquifer is a large underground pool of fresh water under several western states in the United States. Any farmer with land above the aquifer can at present pump water out of it. Which of the following statements about the aquifer is correct?

a. The aquifer is a public good which must be publicly owned to be used efficiently. b. The aquifer is a private good which must be privately owned to be used efficiently. c. The aquifer is a common resource which will be overused if no one owns it. d. The aquifer is a club good which should be left as it is.

Refer to the below table. In the second game:

Answer the question based on the following payoff matrices for a repeated game involving two firms that are considering introducing new products to the market. The numbers indicate the profit from following either a strategy to introduce a new product or a strategy to not introduce a new product.











A. Introducing a new product is the dominant strategy for both firms

B. Not introducing a new product is the dominant strategy for both firms

C. Introducing a new product is the dominant strategy for firm A while not introducing a new product is the dominant strategy for firm B

D. Not introducing a new product is the dominant strategy for firm A while introducing a new product is the dominant strategy for firm B