Which of the following is most likely to be rivalrous in some situations but non-rivalrous in others? Group of answer choices A pile of mulch provided by the town from which everyone can take. A public playground swingset. An open-access ebook. A fireworks show.
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- two timber companies, Alpha and Beta, have to decide whether to harvest timber from the North Hill or the South Hill and then sell the timbers in the same market. If both harvest from North Hill, each company can harvest 100 tons of timber. If both companies harvest from South Hill, each company can harvest 150 tons of timber. If one company harvests from North Hill and the other harvests from South Hill, the company at North Hill can harvest 150 tons of timber while the company at South Hill can harvest 250 tons of timber. The price of timber is dependent on the total supply of timber in the market. The price will be $180 per ton if the total supply is 200 tons, $150 per ton if the total supply is 300 tons and $100 per ton if the total supply is 400 tons. To both companies, the cost of harvesting in North Hill is $5,000 and the cost of harvesting in South Hill is $10,000. (a) If Alpha and Beta were to make a decision simultaneously, construct the payoff matrix in terms of profit for…Can you explain what the Pure Coordination Game is and provide an example of one?Moving from an autarkic situation to engagement in international trade, a. excess demand in the country with absolute advantage should equal excess supply in the country without absolute advantage. b. excess supply in the country with absolute advantage should exceed excess demand in the country without absolute advantage. c. excess demand in the country with absolute advantage should exceed excess supply in the country without absolute advantage. d. excess supply in the country with absolute advantage should equal excess demand in the country without absolute advantage.
- Two hunters may choose, individually and simultaneously, to go deer hunting, as the deer can provide abundant and appetizing food, or to go hare hunting, also appetizing, but scarce. Deer hunting represents a challenge and requires mutual coordination. Hunting a deer without cooperation means that the deer will be safe; while hunting a deer in groups guarantees it will be caught. Hare hunting is an individual activity that does not require another hunter, and the one who decides to go hare hunting always makes it. The reward for hunting a hare is 1, while the reward for each of the hunters for catching a deer together is 3 for each one. The reward for not hunting a deer is 0. Specify the game in a normal way arising from this situation. Do the players have strictly dominated strategies? Determine the set of rationalizable strategies in this case. Find all Nash equilibriums in this case, if any. Are they efficient in Pareto sense? Justify your answer.What is the difference between collusion and competition? Group of answer choices 1-Competition is when firms operate independently. Collusion is when firms in the oligopoly market structure try to invite new entrants into the market to make it more competitive. 2-Collusion is when firms act together in ways to reduce output, keep prices high, and divide up markets. Competition is when firms operate independently. 3-Competition firms follow the price changes and product changes of the dominant firm in an oligopolistic market. Collusion is when firms operate independently. 4-Collusion is when firms follow the price changes and product changes of the dominant firm in an oligopolistic market.Competition is when firms operate independently.Which of the following goods would be considered “non-rival”? Select one: a. parking places b. pizza c. computers d. streetlights
- The author describes the case of the "Prisoner's Dilemma" to demonstrate which of the following? Competition and the pursuit of unfettered self-interest result in greater efficiency, and benefits everyone involved equally. Effective policy can place incentives in such a manner that the very pursuit of unfettered self-interest of the prisoners results in the desired outcome of getting both to confess to the crime. Just as in the case of the prisoner's dilemma, the pursuit of unfettered self-interest will cause the fishermen who fish Atlantic swordfish (a common resource) to harvest them wisely and limit the number of fish each fisherman catches. Thus the fishermen's ability to pursue unfettered self-interest will allow the population of swordfish to remain stable and even grow. The fishermen trust each other to behave responsibly and in the interest of the common good.You and a classmate are assigned a project on which you will receive one combined grade. You each want to receive a good grade, but you also want to avoid hard work. In particular, here is the situation: • If both of you work hard, you both get an A, which gives each of you 25 units of happiness. • If only one of you works hard, you both get a B, which gives each of you 15 units of happiness. • If neither of you works hard, you both get a D, which gives each of you 5 units of happiness. • Working hard costs 15 units of happiness. Complete the following payoff matrix given the previous information. In each cell, your classmate's payoff is on the left and yours is on the right. Your Decision Work Shirk Classmate's Decision Work , , Shirk , , The likely outcome is that your classmate and you . If you get this classmate as your partner on a series of projects throughout the year, rather than only once, you are likely…Melitz explains that under free trade A. No firms will compete in the imported good market. B. The most efficient firms will compete in the imported good market. C. The least efficient firms will collude in the imported good market. D. The most efficient firms will create an efficient-oligopoly paradigm, but only in the imported good market .
- Dad baked a chocolate cake for his twins Jack and Mary on their birthday, and he wants Jack and Mary to divide it without any screaming and mess. Mom devises the following procedure: First, Jack (who was born first) proposes a division of the cake that Mary can accept or reject. If the first offer is accepted by Mary, then the game is over and Mary and Jack get the split of cake offered by Jack. If the offer is rejected by Mary, then Mom gets to eat half of the cake, and next Mary offers a division of the remaining cake to Jack that he can either accept or reject. If the second offer is accepted by Jack, then the game is over and Mary and Jack get the split of the remaining cake offered by Mary. If the kids do not reach an agreement in the second round (Jack rejects Mary's offer). Mom gets to eat the rest of the cake by herself. The cake has two equal parts: one with cherries and one with coconut. If Jack gets fraction x in [0, 1] of the cherry part and y in [0, 1] of the coconut part,…Two cigarette manufacturers repeatedly play the following simultaneous-move billboard advertising game. If both advertise, each earns profits of $0 million. If neither advertises, each earns profits of $10 million. If one advertises and the other does not, the firm that advertises earns $20 million and the other firm loses $1 million. If there is a 10 percent chance that the government will ban cigarette sales in any given year, can the firms “collude” by agreeing not to advertise?Explain how organizations can collude to raise prices of products like sugar using the concept of market forces.
