An oligopolist will increase production if the output effect is
A. less than the price effect.
B. equal to the price effect.
C. greater than the price effect.
D. The oligopolist never has an incentive to increase production.
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Cartels are difficult to maintain because
A. the monopoly output is very difficult to determine.
B. the number of firms is always large.
C. costs to the firms in a cartel are continually rising.
D. each firm has an incentive to deviate from its agreed output level.
Whenever a cartel in a duopoly breaks down,
A. both firms obtain higher profits.
B. total output in the market will rise.
C. price in the market will rise.
D. the socially optimal output will be produced.
In the prisoners' dilemma game, self-interest leadsa.b.c.d.
A. each prisoner to stay silent.
B. to the follow-through of any agreement that the prisoners might have made before being questioned.
C. to an outcome that is better for both prisoners.
D. each prisoner to confess.
Two suspected drug dealers are stopped by the highway patrol for speeding. The officer searches the car and finds a small bag of marijuana and arrests the two. During the interrogation, each is separately offered the following: "If you confess to dealing drugs and testify against your partner, you will be given immunity and released while your partner will get 10 years in prison. If you both confess, you will each get 5 years." If neither confesses, there is no evidence of drug dealing, and the most they could get is one year each for possession of marijuana. If each suspected drug dealer follows a dominant strategy, what should he/she do?
A. Confess regardless of the partner's decision
B. Confess only if the partner confesses
C. Don't confess regardless of the partner's decision
Don't confess only if the partner doesn't confess
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