A dominant strategy is one that
a. makes every player better off
b. makes at least one player better off without hurting the competitiveness of any other player
c. increases the total payoff for one player
d. is best for a player, regardless of what strategy other players follow
e. leads to quicker convergence to market equilibrium
D
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A monopoly definitely incurs an economic loss if
A) it produces where its marginal revenue equals its marginal cost. B) its average total cost is greater than price. C) it cannot perfectly price discriminate. D) it price discriminates. E) The statement errs because a monopoly cannot incur an economic loss.
"An increase in the real interest rate increases the quantity of investment." Is the previous statement correct or incorrect?
What will be an ideal response?
"The second glass of zinfandel was very good," said Ian McDonald. "May I have another?" Which of the following is true with respect to Ian's comment and his request for another glass?
a. The MU of the second glass is negative. b. The MU of the second glass is less than the MU of the first glass. c. The MU of the third glass is positive. d. The MU of the third glass is negative. e. The MU of the fourth glass is positive.
Providing medical services for smaller fees to the poor than to the rich is
a. misplaced charity. b. benevolent pricing. c. price discrimination. d. social pricing.