In a zero-sum game, ________
A) each player earns a zero payoff irrespective of the strategy one chooses
B) each player has a dominant strategy
C) each player chooses a pure strategy
D) one player's loss is another player's gain
D
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One person's utility cannot be compared to another person's utility.
Answer the following statement(s) true (T) or false (F)
A temporary adverse productivity shock would
A) shift the labor supply curve upward. B) decrease the level of employment. C) decrease future income. D) decrease the expected future marginal product of capital.
If you were a Keynesian economist, you would believe that the economy
a. will always move toward full-employment real GDP b. has a tendency to generate inflation regardless of whether it's at full employment real GDP or not c. will decrease unemployment by lowering wage rates until the labor market is in equilibrium d. is driven by the supply-side of the market e. may be in equilibrium at less than full employment
Suppose a firm employs only capital and labor as inputs. Explain how the firm should allocate its inputs in order to maximize profits in a perfectly competitive market
What will be an ideal response?