The prisoner's dilemma provides an explanation for
a. the price wars that sometimes occur in oligopolies
b. the ability of firms in an oligopoly to extract the entire consumer surplus
c. the collusive behavior that sometimes occurs in an oligopoly
d. the failure of firms in non-competitive industries to maximize profits
e. an irrational behavior that occurs in competitive markets
Question 2
If periodic use of a resource can be continued indefinitely, that resource is said to be
a. removable
b. renewable
c. cyclical
d. recyclable
e. part of a common pool
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