An equilibrium occurs in a game when
a. price equals marginal cost
b. quantity supplied equals quantity demanded
c. all independent strategies counterbalance all determinate strategies
d. all players follow a strategy that negates the strategies of at least one other player
e. all players follow a strategy that they have no incentive to change
E
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Which of the following statements correctly indicates a property of good economic questions?
A) A good economic question addresses topics that are important to economic agents and/or to the society. B) A good economic question must always include arithmetic calculations and graphical solutions. C) A good economic question should always be positive and not normative. D) A good economic question should always be easy to answer.
Equations for C, I, G, and NX are given below. If the equilibrium level of GDP is $21,500, what is the marginal propensity to consume?
C = 1,500 + (MPC)Y I = 1,000 G = 2,000 NX = -200 A) 0.67 B) 0.75 C) 0.8 D) 0.9
Which of the following causes an increase in demand for a normal good?
A) increase in the price of a substitute B) increase in the price of a complement C) decrease in price D) decrease in income
The hot-hand fallacy:
A. is the belief that once an event has occurred several times in a row, it is less likely to repeat. B. is the belief that once an event has occurred, it is less likely to repeat. C. is the belief that once an event has occurred several times in a row, it is more likely to repeat. D. is the belief that if an event has never occurred, it is more likely to occur.