Which of the following is NOT part of solving a game?
A) Write down all possible combinations of strategies.
B) Write down all possible payoffs and eliminate dominated strategies.
C) Solve for any Nash Equilibrium.
D) None of the above.
D
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Which of the following is NOT a commitment device?
A. A manufacturer's 2-year agreement to fix, at no cost to you, anything that breaks on your computer. B. A non-refundable advance payment to reserve a room at a resort. C. A pre-nuptial agreement that provides for a large penalty in the event a spouse has an affair. D. High fines for illegal parking on campus.
Define the marginal propensity to consume (MPC) and the marginal propensity to save (MPS), and explain why MPC + MPS always equals 1
What will be an ideal response?
For a given market demand curve, if the market clearing price decreases, then the amount of consumer surplus will
A) decrease. B) increase. C) become negative. D) none of the above due to insufficient information.
According to the text, most real world market structures are mainly
a. monopoly and perfect competition b. monopoly and oligopoly c. perfect competition and oligopoly d. oligopoly and monopolistic competition e. perfect competition and monopolistic competition