A player can choose among three strategies: T, M, and B. Nevertheless, strategy B is dominated by strategy T. This means that
A) strategy T is always played.
B) strategy B is never played.
C) strategy B will be part of a Nash equilibrium.
D) strategy M is never played.
B
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Which of the following is the best way to describe equilibrium in a market? At equilibrium, the
A) price is the lowest possible. B) price is usually affordable to most people. C) supply and demand curves can never shift again. D) quantity supplied equals the quantity demanded.
Recall the Application about a South African consumer lender that offered different interest rates in loan offers via mass mailings to answer the following question(s).According to the Application, the number of men who accepted a particular loan offer from the mass mailings ________ when the offer letter included the picture of a ________.
A. increased; man rather than the picture of a woman B. increased; woman rather than the picture of a man C. decreased; either a man or a woman D. was unaffected; either a man or a woman
Public goods are desired because
A) people want and value them but the private sector will not make them available. B) we want the government to spend our tax dollars. C) they came in small units. D) they make supply equal to demand for private goods.
Refer to the table above. Once trade begins, a possible international price (i.e. terms of trade) for textiles in terms of grapes is
A) $5. B) 2/5. C) 2. D) 4/5.