In the payoff matrix:
A. both firms have a dominant strategy.
B. neither firm has a dominant strategy.
C. Alpha has a dominant strategy, but Beta does not.
D. Beta has a dominant strategy, but Alpha does not.
A. both firms have a dominant strategy.
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The physical and mental effort people use to produce goods and services is a description of which factor of production?
A) physical capital B) labor C) entrepreneurship D) human capital
The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, which of the following statements is true?
A) Firms' surplus increases with the minimum wage. B) Workers who retain their jobs have their wages rise. C) The market is efficient. D) The quantity supplied of workers is less that quantity demanded. E) Unemployment decreases because firms employ their workers more carefully.
Refer to Figure 3-4. If the price is $10
A) there would be a surplus of 600 units. B) there would be a surplus of 200 units. C) there would be a shortage of 200 units. D) there would be a shortage of 600 units.
The principal-agent problem arises because of
a. natural selection b. diminishing marginal returns c. hidden actions d. the winner's curse e. hidden characteristics