Playing the equilibrium of a one-stage game over and over again when the one-stage game is repeated is:
A. always a Nash equilibrium.
B. dominated in some cases.
C. weakly dominated in some cases.
D. a mixed-strategy equilibrium.
A. always a Nash equilibrium.
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In the long run, perfect competition results in firms producing
a. at the minimum point of their long-run average cost curves, which indicates allocative efficiency. b. where price equals marginal cost, which indicates economic efficiency. c. where price equals marginal cost, which indicates the optimal scale of operation. d. at the minimum point of their long-run average cost curves, which indicates economic efficiency.
The general health of the population of a country improves as its medical support system improves. Which of the following is a likely outcome of this?
a. Marginal product of labor will increase. b. Value of marginal product of labor will fall. c. The equilibrium wage rate will decline. d. There will be excess supply of labor in the market.
Regional integration is better known as global integration through the World Trade Organization.
a. true b. false
Accurately incorporating the present consequences of an action, but ignoring or underestimating the future consequences, is a description of present bias.
Answer the following statement true (T) or false (F)