Be able to solve the prisoner's dilemma problem. DOES NOT I CONFESS CONFESS 5 Years forA 10 years forA 6 months forA See the gure above, what's the dominant strategy? What is the outcome? Is this the best outcome for both A and B. What is derived demand of labor? What is monopsony'? What is the formula for Monopsony? What is bilateral monopoly? Determine monopsonist, union, and competitive wage graphically. | | l H: Go On 0c Which labor market (monopsony or competitive) is the best to raise the minimum wage? Be able to read and interpret the Lorenz Curve. What is poverty trap