71) One of the major characteristics of a cartel is that it has a highly elastic demand curve.

False

True

72) In a prisoner's dilemma, the players each select the strategy that will produce the best outcome for them personally.

True

False

75) A market has three firms, all of which are suffering losses. However, none of the firms leaves the market, as each firm is hoping that another will. As a result, all firms continue to suffer losses. What type of game is this?

chicken

leadership

tit-for-tat

grim trigger