A strategy is weakly dominated if:
A. there are no other strategies that yield higher payoffs, regardless of others' choices.
B. there is some other strategy that yields a strictly higher payoff regardless of others' choices.
C. there is some other strategy that yields a strictly higher payoff in some circumstances and that never yields a lower payoff regardless of others' choices.
D. there is some other strategy that yields a strictly higher payoff in some circumstances and may yield a lower payoff, depending upon other players' choices.
C. there is some other strategy that yields a strictly higher payoff in some circumstances and that never yields a lower payoff regardless of others' choices.
You might also like to view...
Refer to Figure 18.3. After trade and specialization begin, the maximum amount of pogo sticks that Livonia can consume is
A) 120. B) 100. C) 80. D) 40.
When a professor announces to the class that she will grade on a curve and that no one in the class will receive a grade lower than a "C"
A. a moral hazard problem for her students will likely arise. B. an adverse selection problem for her students will likely arise. C. the marginal social benefit will exceed the marginal social cost. D. the marginal social cost will exceed the marginal social benefit.
Indifference curves close to the origin are ________ those farther from the origin because of ________
A) better than; transitivity B) worse than; nonsatiation C) better than; completeness D) worse than; transitivity
In which of the following situations will the equilibrium price of wheat increase and the change in the equilibrium quantity of wheat be indeterminate?
a. if supply and demand both decline b. if supply and demand both rise c. if supply declines and demand rises d. if supply rises and demand declines e. if supply remains constant and demand rises