The prisoner's dilemma shows that
A) players are better off if they act independently.
B) monopolies are beneficial to society.
C) people will always cheat.
D) players would be better off if they cooperated.
D
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Laura's Pizza Place incurs $800,000 per year in explicit costs and $100,000 in implicit costs. The restaurant earns $1.3 million in revenues and has $5 million in net worth
Based on this information, what is the economic profit for Laura's Pizza Place? A) $200,000 B) $400,000 C) $500,000 D) $2.8 million
Which of the following is a direct implication of the view that childbearing is an economic decision?
(a) People will not have additional children unless they can earn a profit from doing so. (b) Social factors have no effect on childbearing decisions. (c) Compulsory education will increase fertility because educated children have the potential to earn higher salaries. (d) Fertility should fall with improved opportunities for women to work in jobs outside the home.