A dominant strategy is a
A. negative-sum strategy.
B. player's best strategy when she can make the first move.
C. last-mover strategy.
D. player's best strategy regardless whatever strategies are adopted by the rivals.
Answer: D
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A decrease in demand will cause the equilibrium price and quantity of a good to fall, ceteris paribus
Indicate whether the statement is true or false
Double markup problems arise when
a. upstream firms have market power b. downstream firms have no market power c. upstream and downstream products are unrelated in demand d. upstream and downstream firm's pricing decisions tend to increase the demand for the other product
At a price of $5, Sam buys 10 units of a product; when the price increases to $6, Sam buys 8 units. Martha says Sam's demand has decreased. Is Martha correct?
A. Yes, Martha is correct. Sam's demand has decreased. B. No, Martha is incorrect. Sam's demand has increased. C. No, Martha is incorrect. Sam's quantity demanded has decreased, and his demand has not changed. D. No, Martha is incorrect. Sam's quantity demanded has increased, and his demand has increased.
Over the past century, there has been little variation in the price of corn from one harvest to the next.
Answer the following statement true (T) or false (F)