One reason that DOWN,RIGHT is not a NASH equilibrium is that
a. Player B receives a payoff of 8 as opposed to the payoff of 20 that he would receive if he changed his strategy.
b. Player B receives a payoff of 20 as opposed to the payoff of 30 that he would receive if he changed his strategy.
c. Player A receives a payoff of 20 as opposed to the payoff of 30 that he would receive if he changed his strategy.
d. DOWN, RIGHT is a Nash equilibrium.
b. Player B receives a payoff of 20 as opposed to the payoff of 30 that he would receive if he changed his strategy.
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Fact: People use water for many different purposes, from drinking and cleaning to filling pools, balloons, and squirt guns. Economists acknowledge the multiple uses of water when they point out that
A) everybody needs water. B) water is a good with many alternative uses at the margin. C) the demand for water is completely inelastic—consumers are totally insensitive to changes in the price of water. D) nothing but water can be used to serve all the purposes water serves.
A voluntary export restraint is an agreement negotiated between two countries that places a numerical limit on the quantity of a good that can be imported by one country from the other country
Indicate whether the statement is true or false
The major categories of federal government spending are
a. health care, national defense, Social Security, and other income transfers. b. law enforcement, environmental protection, and national defense. c. public education, garbage collection, and public parks. d. health care, public education, and highways.
A model that shows how dollars flow through markets among households and firms is called the
a. production possibilities frontier. b. circular-flow diagram. c. demand and supply diagram. d. comparative advantage model.