An equilibrium occurs in a game when
a. price equals marginal cost.
b. quantity supplied equals quantity demanded.
c. all independent strategies counterbalance all dominant strategies.
d. all players follow a strategy that they have no incentive to change.
d
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Refer to Table 19-17. What is real GDP in 2016, using 2011 as the base year?
A) $3,320 B) $3,690 C) $6,360 D) $7,035
Disequilibrium occurs when quantity demanded equals quantity supplied
a. True b. False
In a system of managed or fixed exchange rates, the controlling
a. is performed by the central banks of the trading nations. b. consists of making adjustments in the gold content of the different currencies. c. is usually done by actions of the IMF. d. involves changing the official exchange ratio between different kinds of money.
Refer to the graph shown depicting a monopolistically competitive firm. According to the graph, economic profit is currently:
A. impossible to determine. B. zero. C. negative. D. positive.