Related to the Economics in Practice on P

question 9

Multiple Choice

Related to the Economics in Practice on p.39: The results of the survey conducted by Esther Duflo and Abhijit Banerjee found that in extremely poor societies,

• A)household choice plays no role in consumption decisions.
• B)all consumption decisions are made by the government.
• C)household choice even plays a role in non-food-related consumption decisions.
• D)the only consumption decisions in which household choice plays a role is in the consumption of biological needs such as food.

Distinguish between different competitive structures (perfect competition, monopolistic competition, oligopoly, monopoly) based on their characteristics and outcomes.

Describe the conditions under which cooperation or collusion among firms can be profitable.

Understand the concept of cheating in a collusive arrangement and its impact on market dynamics.

Explain the principle and application of the prisoners' dilemma in economic and strategic decision-making.

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