Consider an outcome in which it is impossible to make one player better off without simultaneously making the other player worse off. We can conclude that this outcome
a. cannot be a Nash equilibrium.
b. must be Pareto optimal.
c. will not occur when the players use mixed strategies.
d. is a Stackelberg equilibrium.
b. must be Pareto optimal.
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For most of World War II, the United States economy temporarily operated ____________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).
In response to the financial crisis in 2008, the Fed created which of the following policy tools?
A) quantitative easing B) the required reserve ratio C) the discount rate D) the federal funds rate E) open market operations
Mass production was made possible by mass consumption, a national market and international trade
Indicate whether the statement is true or false
In long-run equilibrium for a competitive firm, economic profits:
A. will be positive. B. will be negative. C. will be zero. D. may be positive, negative, or zero.