1. Why has the cartel in diary farming not been broken up? Organized crime is us
ID: 1167148 • Letter: 1
Question
1.
Why has the cartel in diary farming not been broken up?
Organized crime is used to enforce a dairy compact.
The dairy industry is exempt from anti-trust laws.
Consumers do not mind paying higher prices for milk.
Economic studies indicate that to do so would decrease efficiency.
2.
The Axelrod study shows that "Tit-for-Tat" is a successful strategy for playing a repeated Prisoners' Dilemma game.
True
False
3.
A Nash equilibrium need not be Pareto optimal, and a Pareto-optimal outcome need not be a Nash equilibrium.
True
False
4.
Which of the following is an example of a good that is excludable and nonrivalrous?
A fishery.
Cable television.
Over the air television broadcasts.
Disney World.
Organized crime is used to enforce a dairy compact.
The dairy industry is exempt from anti-trust laws.
Consumers do not mind paying higher prices for milk.
Economic studies indicate that to do so would decrease efficiency.
2.
The Axelrod study shows that "Tit-for-Tat" is a successful strategy for playing a repeated Prisoners' Dilemma game.
True
False
3.
A Nash equilibrium need not be Pareto optimal, and a Pareto-optimal outcome need not be a Nash equilibrium.
True
False
4.
Which of the following is an example of a good that is excludable and nonrivalrous?
A fishery.
Cable television.
Over the air television broadcasts.
Disney World.
Explanation / Answer
1)
Right Answer is "
The dairy industry is exempt from anti-trust laws.
Dairy industry and beef are exempt from anti trust law. Hence cartels are be witnessed in farm sector.
2)
This is true statement.
Tit-for-Tat" is a successful strategy for playing a repeated Prisoners' Dilemma game.
3)
This is true statement.
Prisoner dilemma does not cause efficiency in economic system. Both players team tend to underperform.
4)
Right answer is : Disney world.
Those who do not pay for it are excluded from its benefits. Consumption by few people reduce its availability for other ones.
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