If there is no pure strategy Nash equilibrium in a complete information game, there is a mixed strategy equilibrium, and if there is no mixed strategy equilibrium, there is a pure strategy equilibrium.
Answer the following statement true (T) or false (F)
True
Rationale: There is always an equilibrium to the game.
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Which of the following statements is true?
a. Total utility is the extra satisfaction from the consumption of a good or service. b. Marginal utility is the amount of satisfaction received from all the units of a good or service consumed. c. The law of diminishing marginal utility states that as more of a good or service is consumed total utility decreases. d. Consumer equilibrium is a combination of goods and services consumed which maximizes total utility from a given budget.
An example of a seller in a financial market would be:
A. entrepreneurs starting new ventures. B. the government when it needs to finance public spending. C. individuals who have a savings account. D. families buying new cars
Assume a pure monopolist is currently operating at a price-quantity combination on the inelastic segment of its demand curve. If the monopolist is seeking maximum profits, it should:
A. retain its current price-quantity combination. B. increase both price and quantity sold. C. charge a lower price. D. charge a higher price.
Assume that Kelly has the preferences shown in the above table. Also assume that the price of a can of Pepsi is $3.00 and that the price of a slice of pizza is $1.00. If she has $16 available to spend, what combination of Pepsi and pizza will be her consumer optimum?
A. 4 cans of Pepsi, 4 slices of pizza B. 4 cans of Pepsi, 1 slice of pizza C. 2 cans of Pepsi, 4 slices of pizza D. 3 cans of Pepsi, 2 slices of pizza