From 1800 to 1940, the price level in the United States

Refer to the scenario above. In this case, a Nash equilibrium occurs if ________

A) each of them bids up to their value for the good B) Tom and Roger bid up to their value for the good while Bill and Jeff bid below their value for the good C) Tom and Jeff bid up to their value for the good while Roger and Bill bid below their value for the good D) Bill and Jeff bid up to their value for the good while Tom and Roger stop bidding at $100 and $200, respectively

A prisoner's dilemma can be described as a situation in which

a. a decision maker is uncertain about the potential punishment for something done in the past b. an individual decision maker finds it in his best interest to pursue a course of action that can lead to a less than desirable outcome for the group c. producers act so as to avoid maximizing profits because of government retaliation d. individual firms seeks to maximize their own profits with no regard for the group e. the summation of individual demand curves creates an inelastic demand curve facing the industry