A Nash equilibrium:
A. is a point in a game when no player has an incentive to change his or her strategy, given what the other players are doing.
B. is a stable outcome of a game.
C. is reached when all players choose the best strategy they can, given the choices of all other players.
D. All of these statements are true.
Answer: D
You might also like to view...
To enter a local cable television market, a firm needs a license from the city government. This is an example of
A) a natural monopoly. B) the government maintaining consistent standards in the broadcast industry. C) a government-imposed barrier. D) occupational licensing.
Suppose that the following table represents all of the possible investments in the economy. If the nominal interest rate is six percent, what is the total amount of investment in the economy? (Note: The Returns are for one period later.)
Investment Cost Returns A $100 $105 B 300 321 C 200 216 D 50 55 E 400 416
In the long run, a firm in a perfectly competitive industry will supply output only if its total revenue covers its
A) implicit costs. B) fixed costs. C) explicit costs plus its implicit costs. D) explicit costs.
Persons who do not have jobs and who do not look for work are considered: a. unemployed
b. out of the labor force. c. underemployed. d. overemployed.