Since demand is more inelastic for products that represent a smaller share of your income, which one of the following is true?
a. the demand for shoe laces is more elastic than the demand for shoes
b. The demand for oil changes is more inelastic than the demand for cars
c. the demand for ear buds is more elastic than the demand for ipods
d. the demand for Salt has a more elastic than the demand than meat
Question 2
In a two-person repeated game, a tit-for-tat strategy is
a. When each player pursues his or her own self-interest without any cooperation
b. When players start off as non-cooperative and then cooperate when one or both players show interest in colluding
c. When players start off by cooperating and then mimic the other player's last move
d. With neither players defecting
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