Refer to the scenario above. This game ________
A) has a unique Nash equilibrium
B) has a unique dominant strategy equilibrium
C) does not have a dominant strategy equilibrium
D) does not have a Nash equilibrium
C
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A hypothetical open economy has a marginal propensity to import (MPI) equal to 0.2 and a marginal propensity to consume equal to 0.7 . Assume that the economy is initially in equilibrium. What is the marginal propensity to save of this economy?
a. 0.2 b. 0.3 c. 0.7 d. 0.9 e. 0.6
If a perfectly competitive firm finds that price is less than average variable cost, it should:
A. increase output until price equals marginal cost. B. decrease output until price equals marginal cost. C. shut down immediately. D. not adjust output if marginal cost equals price.
In 2013, the average child who was eligible for Medicaid cost the government
A. $4,211. B. $2,807. C. $938. D. more than the average cost of all Medicaid recipients.
If a firm manager has a base salary of $50,000 and also gets 2 percent of all profits, how much will his/her income be if revenues are $8,000,000 and profits are $2,000,000?
A. $90,000 B. $210,000 C. $250,000 D. $150,000