The concept of Nash Equilibrium:
A. has wide applicability.
B. is limited in its applicability to economic behavior because firms do not follow their dominant strategies.
C. is limited in its applicability to economic behavior because firms generally follow their dominant strategies.
D. has been disproven by modern economists.
Answer: A
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When the price of tortilla chips rose by 10 percent, the quantity of tortilla chips sold fell 4 percent. This indicates that the demand for tortilla chips is
A) inelastic. B) perfectly inelastic. C) elastic. D) unit elastic.
Everything else held constant, an increase in net exports ________ aggregate ________
A) increases; demand B) decreases; demand C) decreases; supply D) increases; supply
Without ________, there would have been no legal means for the government to curb even those mergers that most blatantly stifled competition.
A. vertical mergers B. multinationals C. antitrust D. None of the choices are correct.
A lump-sum tax, such as a $1000 tax that every family must pay one time, is
A. an autonomous tax. B. negatively related to real GDP. C. a regressive tax. D. a type of income tax.