The benefit of a mixed strategy is
A. lower risks for both the players in the market.
B. the element of consistency that baffles rivals.
C. the element of surprise that baffles rivals.
D. higher returns for both the players in the market.
Answer: C
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Countries are concerned about small changes in their average annual growth rates in per capita income because
A) growth rates are a factor in U.N. participation. B) the power of compounding means small changes have large effects over time. C) growth rates tend to decline over time. D) the faster a country grows today, the less it will be able to consume in the future.
If the money price of a resource such as oil falls, then the
A) LAS curve shifts rightward. B) LAS curve shifts leftward. C) SAS curve shifts leftward. D) SAS curve shifts rightward.
What determines how much market power a firm has?
What will be an ideal response?
Refer to the game between James and Theodore depicted in Figure 12.1. Who has a dominant strategy?
A. Only James
B. Only Theodore
C. Both James and Theodore
D. Neither James nor Theodore