The Prisoner's Dilemma Has Implications for the Workings of Oligopoly

question 26

Multiple Choice

The prisoner's dilemma has implications for the workings of oligopoly markets.The outcome in the prisoner's dilemma situation for oligopoly firms is

• A)beneficial to society, in that the players cannot easily collude, so output is greater, and prices are lower.
• B)beneficial to the players, since they can maintain a cartel agreement easily.
• C)of little benefit to society, since the players produce the monopoly output.
• D)beneficial to no one.

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Definitions:

Self-efficacy

The belief in one's abilities to succeed in specific situations or accomplish a task.

Behavior Change

The process of transforming one's actions and attitudes towards healthier habits, often key in improving personal well-being and health outcomes.

Overcoming Obstacles

The process or act of resolving or surpassing barriers or difficulties to achieve a goal.

Transtheoretical Model

A theory of behavior change that evaluates an individual's readiness to act on a new healthier behavior, and provides strategies or processes to guide the individual.