Consider each pair of strategies other than UP,RIGHT. Which of the following statements is not true about those pairs?
a. They are all Pareto Optimal.
b. None of them are a Nash Equilibrium.
c. The players would not mutually agree to play any of them if such an agreement were possible.
d. Each requires that a player play a dominate strategy.
c. The players would not mutually agree to play any of them if such an agreement were possible.
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A country will specialize in the good for which
A) it has absolute advantage. B) it has moderate production costs. C) it can produce at minimum average cost. D) it has comparative advantage.
Surveys of consumers regarding labor standards reveal that they:
a. treat potential losses and potential gains equally. b. weigh potential losses more than potential gains. c. weigh potential losses less than potential gains. d. do not experience losses in gains.
If a market produces a level of output below the competitive equilibrium, then
A) social welfare is not maximized. B) consumer surplus might still be maximized. C) the actual price will be below the equilibrium price. D) social welfare might still be enhanced if a price ceiling keeps price below the competitive price.
Most governments enforce patents, copyrights, and trademarks. While these are clear restrictions on free trade, it is believed that inventors and investors:
A. favor these restrictions since they promote inventive activities. B. prefer low prices to patents. C. prefer high tax rates to patents. D. generally oppose these restrictions as they encourage monopolistic competition.