In a game, a dominant strategy is
a. the best strategy for a player to follow only if other players are cooperative.
b. the best strategy for a player to follow, regardless of the strategies followed by other players.
c. a strategy that must appear in every game.
d. a strategy that leads to one player's interests dominating the interests of the other players.
b
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Suppose an economy consists of 500,000 individuals 16 years and older, 260,000 are employed, and 21,000 are unemployed but actively seeking work. In this example the unemployment rate is approximately
A) 4.2 percent. B) 6.1 percent. C) 7.5 percent. D) 8.0 percent.
The prototype of suburban tract development was in
A. San Luis Obispo, California. B. Camden, New Jersey. C. Butte, Montana. D. Levittown, New York.
Refer to Table 4.3. After calculating the price elasticity of demand for computers, we can say the demand for computers is:
A. upward sloping. B. inelastic. C. unit elastic. D. elastic.
An unregulated natural monopoly can lead to all of the following except
A. Unfair monopoly profits. B. A suboptimal mix of output. C. Low prices for consumers. D. Less output than society wants.