The games which played by players again and again are called:
Repeated games
Cooperative games
Non-cooperative games
Constant games
Correct Answer :
A. Repeated games
Repeated Game? When players interact by playing a similar stage game (such as prisoners dilemma) numerous times, the game is called repeated game. Unlike a game played once, a repeated game allows for a strategy to be contingent on past moves, thus allowing for reputation effects.}
Related Questions
The isoquant approach is:
Classical approach
Keynesian approach
Neo-classical approach
Modern approach
If the demand curve is inelastic then:
It may be nearly vertical
Quantity demanded is very sensitive to income
Demand is hardly affected by income
Close substitutes for the good are abundant
In the long-run competitive equilibrium, the theory predicts that:
TC = TR and MC = MR
Firms operate at a minimum average total cost
There is no incentive for entry or exit of firms
All these conditions exist
In monopolistic competition, if a firm lowers its price, the rival firms will:
Also lower their prices
Increase their prices
Show no reaction
None of the above
Economies of large-scale production:
Lead to greater specialization
Offsets the effects of the law the law of comparative advantage
Lead to greater diversification of individual production
Cause firms to use more capital and less labor
In the long run:
All factors can be used in different proportions
Management can be re-organized
A firm can experience returns to scale
All of the above
Of the following commodities, which has the lowest price-elasticity of demand?
Car
Salt
Tea
House
Income distribution effects:
The price of complements
The price of substitutes
The market demand for commodities
The individuals scale of performances
All money costs can be regarded as:
Social costs
Opportunity costs
Explicit costs
Implicit costs
If the commodities X and Y are perfect complements then:
None of the above
Elasticity of supply means change in supply due to change in:
Price of the commodity
Conditions of supply
Taste of the consumer
Demand for the commodity
Pure monopoly exists:
When there is a single producer
When there is a single producer without any close substitute
When there is a single producer with close substitutes
When a few producers control the industry
When SAC curve rises, SMC curve lies its:
Below
Above
Equal level
None of the above
If as a result of an increase in prices, total outlay (expenditures) on a commodity decreases, its price-elasticity of demand is:
Perfect elastic (infinitely elastic)
Relatively elastic (greater than one elasticity)
Unit elastic
Relatively inelastic (less than one elasticity)
Who wrote A Contribution to the Theory of Trade Cycle?
N.Kaldor
J.R.Hicks
A.C.Pigou
J.M.Keynes
From the resource allocation view point, perfect competition is preferable because:
The firms operate at excess capacity levels
There is a whole variety of output produced
There is no restriction on entry and exit of firms
There is no idle capacity
In the short-run, in which one of the following situations would a competitive seller close down (shut-down)?
When he cannot produce at an economic profit
When price falls short of average variable cost at every level of output
When price falls short of average fixed cost at every level of output
When price falls short of average total cost at every level of output
Marginal utility is only meant for:
Half utility
Full utility
Additional utility
Multiplied utility
MC = MR = AC = AR shows the long run equilibrium position of the:
Competitive firm
Oligopolistic firm
Monopolist firm
None of the above
An exceptional demand curve is:
Downward sloping
Upward sloping
Horizontal straight line
Vertical straight line
With the change in the factor prices, the slope of the expansion path will:
Not change
Also change
Increase
Decrease
The elasticity of substitution measures the percentage change in the ratio of inputs when any producer observes the percentage change in:
Output cost
Output ratio
Input prices
Input ratio
In case of monopoly, when total revenue is maximum:
MR is positive
MR falls
MR rises
MR is zero
Chamberline introduces the concept of:
V-shaped selling cost
U-shaped selling cost
V-shaped purchasing material
U-shaped purchasing material
The critics of Sweezy model say that kink generates:
Frustration
Poverty
Uncertainty
Integrity
If the commodity is inferior then:
Income effect is positive but substitution effect is negative
Income effect is negative but substitution effect is positive
Both income effect and substitution effect are negative
Both income effect and substitution effect are positive
According to Saint Thomas Aquinas value is determined by God, but prices by:
Consumers
Employees
People
Labor
In second degree price discrimination, monopolist takes away :
All of the consumer surplus
All of the producer surplus
Some part of the consumer surplus
None of them
We can find total utility by:
Multiplying the number of unit by its marginal utility
Adding up the marginal utility of all units
Multiplying price by number of units
None of the above
An indifference curve normally slopes downward from:
Left to right
Right to left
Both of them
None of them